Penalty cannot be levied automatically for mere transfer pricing adjustment

Agility Logistics (P.) Ltd. V/s.  DCIT (ITAT Mumbai) Mere addition on account of transfer pricing adjustment cannot automatically lead to levy of penalty u/s. 271(1)(c) IN THE ITAT MUMBAI BENCH ‘A’ Agility Logistics (P.) Ltd. V/s.  DCIT IT APPEAL NO. 1552 (MUM.) OF 2012 [ASSESSMENT YEAR 2004-05] Date of Pronouncement – 06.06.2012 ORDER Rajendra Singh, Accountant Member This appeal by the assessee is directed against the order dated 24.1.2012 of CIT(A) for the assessment year 2004-05. The only dispute raised by the assessee in this appeal is regarding levy...