{"id":19927,"date":"2021-07-02T17:08:37","date_gmt":"2021-07-02T11:38:37","guid":{"rendered":"https:\/\/itatonline.org\/digest\/dy-cit-v-arjav-diamond-india-p-ltd-2020-187-dtr-59-203-ttj-771-mum-trib\/"},"modified":"2021-07-02T17:08:37","modified_gmt":"2021-07-02T11:38:37","slug":"dy-cit-v-arjav-diamond-india-p-ltd-2020-187-dtr-59-203-ttj-771-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dy-cit-v-arjav-diamond-india-p-ltd-2020-187-dtr-59-203-ttj-771-mum-trib\/","title":{"rendered":"Dy .CIT v. Arjav Diamond India (P) Ltd ( 2020) 187 DTR 59\/ 203 TTJ 771 ( Mum)( Trib)"},"content":{"rendered":"<p>Assessing Officer alleging that the assessee has not maintained information\/documents required under section 92D(1) r\/w rule 10D for enabling him to determine the ALP, the Transfer Pricing Officer initiated proceeding for imposition of penalty under section 271G of the Act and ultimately imposed penalty for an amount of Rs\u00a0 16,14,61,108\/-.\u00a0 CIT (A) deleted the penalty . On appeal by revenue\u00a0 .\u00a0\u00a0 Tribunal affirmed the order of the CIT ( A) relying on following judgements<em> \u00a0Dilipkumar v. \u00a0Lakhi, IT(TP)A no.2142\/Mum.\/2017, dated 02.08.2018;\u00a0Kiran Gems Pvt. Ltd., ITA no.5626\/Mum.\/2016, dated 01.11.2018;CIT v. D. Navinchandra Exports P. Ltd., ITA no.6304\/Mum.\/2016, etc. dated. 25.10.2017 ,\u00a0DCIT v Blue Star Diamonds Pvt. Ltd., ITA no.6553\/Mum.\/2017, dated 13.06.2019\u00a0DCIT v. Leo Schachter Diamonds India P. Ltd., ITA no. 5931\/Mum.\/2017, dated 28.02.2019;\u00a0DCIT v. Laxmi Diamonds Pvt. Ltd., ITA no.2643\/Mum.\/2017, dated 27.12.2018; and \u00a0DCIT v. Interjewel Pvt. Ltd. &amp; Ors., ITA no.5628\/Mum.\/2016, etc., dated 01.11.2018. (AY. 2012 .13)\u00a0 <\/em><\/p>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 271G : Penalty \u2013 Documents &#8211; International transaction &#8211; Transfer pricing \u2013Failure to maintain documents \u2013 Levy of penalty is held to be not justified .   [92C(1), 92CA, 92D, 92D(1)]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19927","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5bp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19927"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19927\/revisions"}],"predecessor-version":[{"id":19928,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19927\/revisions\/19928"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}