This assessee’s appeal for Asst. Year 2012-13 arises from the Commissioner of Income Tax (Appeals)-1, Hyderabad’s order dt.11.03.2019 passed in case No.0080/2017-18/DCIT.
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD ‘A’ BENCH, HYDERABAD.
BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND
SHRI L. P. SAHU, ACCOUNTANT MEMBER
(Through Virtual Hearing)
(Assessment Year : 2012-13)
C3i Support Services Pvt. Ltd.,
Dy. Commissioner of Income Tax,
Circle 1(2), Hyderabad.
Appellant By : Shri Arpit Goyal.
Respondent By : Shri Kiran Kotta. (D.R.)
Date of Hearing : 17.08.2021.
Date of Pronouncement : 02.09.2021.
O R D E R
1. The assessee's sole substantive grievance raised in the instant appeal challenging the correctness of both the lower appellate action imposing 271AA penalty of Rs.28,88,150 on account of its alleged failure in non-reporting of the trade receivables as an international transaction u/s. 92D of the Act.
2.We have given our thoughtful consideration to rival pleadings against and in support of the impugned penalty and find no reason to sustain the same. We are admittedly in Assessment Year 2012-13. Learned departmental representative fails to dispute that the legislature had inserted Explanation to section 92B of the Act vide Finance Act, 2012 with retrospective effect from 1.4.2002.
3.This assessee's appeal is allowed.
Order pronounced in the open court on 2nd Sept., 2021.
Please find attached the enclosed file for the full judgement