Penalty under Section 271G deleted for bonafide conduct of the taxpayer

Last updated: 10 September 2021

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The Madras High Court has ruled that a penalty under Section 271G of the Income Tax Act, 1961, was wrongly imposed on M/s. SSL-TTK Ltd. The penalty was initiated because the company allegedly failed to comply with a notice from the Transfer Pricing Officer (TPO) requesting specific documents. However, the court found that the company had complied with 12 out of 16 requested items, demonstrating reasonable and bonafide conduct. Consequently, the Income Tax Appellate Tribunal's decision to delete the penalty was upheld.

Court :
Madras High Court

Brief :
In Commissioner of Income Tax v. M/s. SSL-TTK Ltd. [T.C.A.No.776 of 2014 dated August 05, 2021], the current appeal has been filed against the Order I.T.A.No.544/Mds/2011 dated February 15, 2021 passed by the Income Tax Appellate Tribunal, Chennai ("the ITAT") on the issue as to whether the ITAT was right in upholding the order which directed the Assessing Officer ("AO") to delete the penalty under Section 271G of the Income Tax Act, 1961 ("the IT Act").

Citation :
T.C.A.No.776 of 2014 dated August 05, 2021

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Judgement posted by

Bimal Jain

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FCA, FCS LLB with21 Yrs of Experience inTaxation Indirect and Direct: Education Qualification: B.Com (Hons) Chartered Accountants Company Secretary LLB Qualified SAP FI/CO Consultants Professional Membership: Chairmanof Indirect Tax Committee of PHD Chamber of Commerce Member of Indirec ... Read more

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