ACIT-2(1), UJJAIN, UJJAIN vs. M/S RUCHI J OIL PVT. LTD,, MUMBAI

In the result, Revenue’s appeal ITANo

Bench: Shri Mahavir Prasad & Shri Manish Boradvirtual Hearing Assessment Year: 2014-15

5. It may kindly be appreciated that even presuming but not accepting that there was a failure on the part of the Respondent to report the transaction, the Respondent had a reasonable cause and penalty imposed for alleged failure in view of provisions of section 273B r.w. section 271AA, was rightly quashed