For imposition of penalty law in force at the time when the return was filed would be applicable

ITO v. Nihon Parkerizing (India) (P.) Ltd. (ITAT Delhi)

Hon’ble ITAT upheld the position of law as iterated by CIT (A) that it is an established law applicable for imposition of penalty that law, as in force, at the time of filing of Return would be applicable.

Outcome: In favor of Assessee

Issue:

Whether on the facts and in circumstances of the case and in law, CIT (A) was right in deleting the penalty imposed by Ld. AO/TPO u/s 271AA of the Act by holding that there was no requirement for reporting International Transactions in respect of “share subscription money” before the insertion of Explanation to Section 92B of the Act by the Finance Act, 2012?

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