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Income Tax Appellate Tribunal, HYDERABAD BENCHES “A” : HYDERABAD
Before: SHRI S.S.GODARA & SHRI LAXMI PRASAD SAHU
O R D E R PER S.S.GODARA, J.M. :
This Revenue’s appeal for AY.2012-13 arises from the CIT(A)-1, Hyderabad’s order dated 05-04-2019 passed in case No.0062/2017-18/DCIT, Circle-1(2), Hyd/CIT(A)-1/Hyd/2018- 19, in proceedings u/s.271AA of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case file perused.
The Revenue’s sole substantive ground raised in the instant appeal challenges correctness of the CIT(A)’s lower appellate order deleting impugned penalty of Rs.75,88,720/- imposed by the Assessing Officer u/s.271AA of the Act i.e., alleging assessee’s failure to report its international transactions relating to receivables u/s.92B of the Act. We notice at the outset in this factual backdrop that this tribunal’s quantum decision in assessee’s appeal itself has held that the amendment to this effect inserted by the Finance Act, 2012 vide explanatory note with retrospective effect from 01-04-2002 would not automatically imply that the assessee was expected to consider the receivables as an international transaction during the relevant previous year. We adopt the very reasoning herein as well to decline the Revenue’s sole substantive grievance seeking to restore the impugned penalty. All other pleadings on merit are rendered infructuous therefore.
This Revenue’s appeal is dismissed.
Order pronounced in the open court on 20th April, 2021