Augustan Knitwear (P) Ltd v ACIT  Chennai ITAT
The Assessee company entered into international transactions with its AE. The Assessee could not file details of international transactions on time and assigned the reason that the auditor was busy in making arrangements for his son’s marriage. The Assessing Officer imposed penalty under S.271AA for not furnishing the information related to international transactions.
The ITAT dismissed the order of the AO imposing penalty u/s 271 AA as it found genuine the reason submitted by the assessee of his auditor busy in the marriage ceremony of his son considering the technicalities of the Transfer Pricing.