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Section 271AA in The Income Tax Act, 1961 271AA. [ Penalty for failure to keep and maintain information and document in respect of international transaction. [ Inserted

that it is a fit case for imposition of penalty under Section 271AA of the act. The quantum of penalty leviable under Section 271G ... Rules by not furnishing information in time and, therefore, action Under Section 271AA and 271G should be taken by the A.O. Accordingly, penalty proceedings

turn arises from the penalty levied by Assessing Officer under section 271AA of the Act dated 30.09.2015 for Assessment Year 2012-13.The assessee ... erred in upholding the penalty levied by AO under section 271AA of the Act of Rs.29,55,350. 2. The CIT(A) failed

authorities at some places wrongly mentioned as `.18,90,190/-) under section 271AA and in the second appeal directing the Assessing Officer to allow ... ACIT, Company Circle II(1), Chennai proposing to levy penalty under section 271AA for non-maintenance of documents concerning the international transactions. The assessee responded

passed U/s.250(6) r.w.s. 143(3) & 271AA of the Act. 2 ITA No.1283/Mds/2014 2. The assessee ... levy of penalty amounting to Rs.95,77,305/- U/s.271AA of the Act, when the order of the Ld.AO itself is erroneous

section 271AA of the Income Tax Act, 1961. 2. The Revenue has raised the following grounds of appeal : "1. On the facts ... erred in not appreciating the fact that Section 271AA doesn't require a period of 30 days to be given from the date

information and document required under the said section. [ Similar to Section 271AA from The Income Tax Act, 1961 - Also Refer

penalty proceedings under Section 274 read with Section 270A and Section 271AA(1) of the IT Act ("impugned show cause notices" for short ... penalty proceedings under section 270A (Exhibit 'E3') and under section 271AA(1) ('Exhibit 'E4'), as null and void. (b) This

view that the amended provision under Section 271AA of the Income Tax Act cannot be applied in the case of the assessee when ... noticed that section 271AA of the Act contains law procedure and 2 the amendment shall therefore be applicable to all pending proceedings

expenses incurred by the PE. Re: Penalty proceedings initiated under section 271AA of the Act 7. That the assessing officer erred on facts ... initiating penalty proceedings under section 271AA on the basis of order dated 08.06.2023 passed by the TPO under section 92CA3) of the Act. 7.1 That