Section 271G Penalty Deleted as Substantial TP Compliance & Reasonable Cause Established: ITAT Mumbai

Advertisement DCIT Vs D. Navinchandra Gems Private Limited (ITAT Mumbai) The ITAT Mumbai disposed of Revenue’s appeals for Assessment Years 2013-14 and 2015-16 challenging the orders of the Commissioner of Income-tax (Appeals), which had deleted penalties levied under Section 271G of the Income-tax Act, 1961. The penalties arose from transfer pricing proceedings under Section 92CA(3), where the Transfer Pricing Officer (TPO) alleged non-furnishing of prescribed documentation under Section 92D read with Rule 10D of the Income-tax Rules, 1962. The assessee, engaged in the business of im...