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
Principal Commissioner Of Income Tax 5 vs M/S.Redington (India) Limited on 10 December
clause (b) of sub-section (1) of Section 271, Section 271A, Section 271AA, Section 271B, Section 271BA, Section 271BB, Section 271C, Section 271CA, Section 271D
purchase of 12751.31 MT of steel to initiate
penalty proceedings under Section 271AA of the Act. With regard to the
second issue, the TPO proposed ... provide
comparable information during the TP
proceedings, initiation of penalty u/s 271AA on
the assessee company was suggested to the
Assessing Officer
proceedings are
applicable under Section 271(1)(c) and not
under Section 271AA and thereafter dismissing
the departmental appeal as infructuous ?”
3. We have heard
case the Tribunal was right in holding that penalty under
Section 271AA cannot be levied on the assessee
Appellate Tribunal was right in holding
that no penalty under Section 271AA could be levied merely
because the Transfer Pricing Officer had not made
substantial error in law by holding that the
amended provision of Section 271AA of the Income
Tax Act, 1961 which came by the Finance ... Assessment Year
2011-12 were not covered by the provision of
Section 271AA of the Act ?"
List the appeal (ITAT/230/2022
period of limitation. That apart the effect of the
amendment of Section 271AA has to be considered in this case, which is framed as
substantial
