HC deletes section 271G penalty as conduct of assessee was bonafide

CIT Vs SSL-TTK Ltd. (Madras High Court) Current appeal has been filed against the Order I.T.A. No.544/Mds/2011 dated February 15, 2021 passed by  the Income Tax Appellate Tribunal, Chennai (ITAT) on the issue as to whether the ITAT was right in upholding the order which directed the Assessing Officer (AO) to delete the penalty under Section 271G of the Income Tax Act, 1961 (IT Act). M/s. SSL-TTK Ltd. (“the Respondent”) filed the return of income admitting loss which was referred to the Transfer Pricing Officer (“TPO”) under Section 92CA of the IT Act. The TPO held there was no need fo...