Held that once the proceedings are initiated on one or more grounds, the penalty should also be imposed on the same grounds. It is a settled legal proposition that where the basis of the initiation of penalty proceedings are not identical with the ground on which the penalty is finally imposed, the imposition of penalty cannot be sustained and deserves to be set aside. (AY.2014-15)
Yamuna Power & Infrastructure Ltd. v. Dy.CIT : (2024) 231 TTJ 1059 / 243 DTR 33 / 38 NYPTTJ 956 (Chd)(Trib)
S. 271AA : Penalty-Failure to keep and maintain books of accounts-Documents-International transaction-Transfer pricing-Initiated on different grounds-Levied on different grounds-Had a reasonable basis for non-reporting such transactions-Levy of penalty is deleted.[S.92D, 273B]
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