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Showing contexts for: battery in Nippo Batteries Co. Ltd., Chennai vs Department Of Income Tax on 10 September, 2012Matching Fragments
PER BENCH These two appeals of the Revenue are directed against different orders of the Commissioner of Income Tax (Appeals) V, Chennai dated 15.04.2010 in ITA No. 52/09-10 and 51/09-10; deleting penalties under section 271G and 271AA of the Income Tax Act 1961 [in short "Act"] respectively, for the assessment year 2005-06.
2. Brief facts of the case are that the assessee is a company engaged in the 'business of manufacturing/sale of dry cells' batteries having associated enterprises in Japan and Singapore. In the assessment year 2005-06, it filed its return of income on 31.10.2005 coupled with Form 3CEB explaining 2 I.T.A. Nos Nos.1137 & 1138/M/ 1138/M/10 /M/10 particulars of international transactions of the assessee. The Department made reference under section 92CA of the "Act" to the Transfer Pricing Officer (in short TPO), Chennai so as to determine the arms length price with regard to assessee's international transactions stated in Form No. 3CEB, who passed the order on 20.10.2008, holding therein that the assessee's case did not warrant any adjustment. However, it was observed that the case was covered by section 271G of the "Act" so as to initiate penalty proceedings for the reason that the assessee failed to furnish information and documents within time as per letter dated 06.09.2006.