Landmark Judgements of Supreme Court on Section Section 271G [Penalty for failure to furnish information or document under Section 92D]

Documents–International transaction–Transfer pricing – A specific finding should be recorded on date by which assessee was required to furnish documents and whether said documents were furnished within specified date – Deletion of penalty under section 271G is held to be justified

Dismissing the appeal of the revenue the Court held that, a specific finding should be recorded with respect to the date by which assessee was required to furnish documents and whether said documents were furnished within specified date.Deletion of penalty by the Tribunal held to be justified. Followed CIT v. Bumi Hiway (I) (P) Ltd (2014) 51 taxmann.com 572 (Delhi), CIT v. Gillette India Ltd. (2018) 259 Taxman 353 : 99 Taxman.com 230 (Raj)]

KEY NOTE

SLP of revenue is dismissed. [CIT v. Gillette India Ltd. (2018) 259 Taxman 352 (SC)]