Case Number: ITA No. 791/Del/2020
Assessment Year: 2014-15
Appellant: Mangal Pulses Private Limited, Delhi
Respondent: ACIT, Transfer Pricing Officer-2(2)(2), New Delhi
The appellant, Mangal Pulses Private Limited, faced a hefty penalty of Rs. 2,23,89,024 under section 271G for failing to furnish necessary documentation related to specified domestic transactions during the financial year 2013-14. The case was heard by the Income Tax Appellate Tribunal, Delhi Bench ‘E’.
The Tribunal, led by SHRI AMIT SHUKLA, Judicial Member, and SHRI G.S. PANNU, Hon’ble President, decided to restore the matter back to the Assessing Officer. The appellant is directed to provide specific explanations for non-compliance, and if these reasons are deemed plausible and bona fide, the penalty may be deleted.
This case highlights the rigorous enforcement of compliance requirements in transfer pricing cases and the opportunity for appellants to rectify their failures in documentation provision under the Income Tax Act. The analysis delves into the procedural aspects that led to the penalty and the judicial recourse provided.
Presiding Members:
Key Dates and Proceedings:
The hearing and the final decision were carried out through video conferencing, reflecting the adaptability of the judicial process in contemporary settings.
Order pronounced in the open court on 26th July, 2023.
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