Allowing the appeal of the assessee the Tribunal held that, Unless and until a specific defect is pointed out in documents submitted, penalty cannot be levied. (AY. 2012-13 to 2014-15)
Procter & Gamble Home Products (P) Ltd. v. Dy.CIT (2020) 180 ITD 194 (Mum.)(Trib.)
S. 271G : Penalty – Documents-International transaction-Transfer pricing – Unless and until a specific defect is pointed out in documents submitted, penalty cannot be levied. [S.92D(3), R.10D(i)]