Dy. Commissioner of Income Tax , Circle-1(2), Hyderabad V. Cura Technologies Limited , Hyderabad

ITA 1078/Hyd/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 6324 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 9 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-04-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-A
• Assessment Year: 2012-2013
• Appeal Filed On: 02-07-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUNIL KUMAR PANDEY
• Assessee Lawyers: P MURALI MOHANA RAO
• Keywords: Transfer pricing; International transaction; Retrospective amendment

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES A : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. NO. 1078/HYD/2019 ASSESSMENT YEAR: 2012-13 DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), HYDERABAD VS M/S.CURA TECHNOLOGIES LIMITED, HYDERABAD [PAN: AADCS2135A] (APPELLANT) (RESPONDENT) FOR REVENUE : SHRI SUNIL KUMAR PANDEY, DR FOR ASSESSEE : SHRI P.MURALI MOHANA RAO, AR DATE OF HEARING : 25-02-2021 DATE OF PRONOUNCEMENT : 20-04-2021 O R D E R PER S.S.GODARA, J.M. : THIS REVENUES APPEAL FOR AY.2012-13 ARISES FROM THE CIT(A)-1, HYDERABADS 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, 1 961 [IN SHORT, THE ACT]. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE REVENUES SOLE SUBSTANTIVE GROUND RAISED IN TH E INSTANT APPEAL CHALLENGES CORRECTNESS OF THE CIT(A)S L OWER APPELLATE ORDER DELETING IMPUGNED PENALTY OF RS.75,88 ,720/- IMPOSED BY THE ASSESSING OFFICER U/S.271AA OF THE ACT I.E., ITA NO. 1078/HYD/2019 :- 2 -: ALLEGING ASSESSEES 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 TRIBUNALS QUANTUM DECISION IN ASSESSEES APPEAL ITS ELF ITA NO.301/HYD/2017 HAS HELD THAT THE AMENDMENT TO THIS EFFE CT INSERTED BY THE FINANCE ACT, 2012 VIDE EXPLANATORY NOTE WITH RETROSPECTIVE EFFECT FROM 01-04-2002 WOULD NOT AUTOMATIC ALLY 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 REVENUES SOLE SUBSTANTIVE GRIEVANCE SEEKING TO RESTOR E THE IMPUGNED PENALTY. ALL OTHER PLEADINGS ON MERIT ARE R ENDERED INFRUCTUOUS THEREFORE. 3. THIS REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH APRIL, 2021 SD/- SD/- (LAXMI PRASAD SAHU) (S.S.G ODARA) ACCOUNTANT MEMBER JUDICIAL MEM BER HYDERABAD, DATED: 20-04-2021 TNMM ITA NO. 1078/HYD/2019 :- 3 -: COPY TO : 1.DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), HYDERABAD. 2.M/S.CURA TECHNOLOGIES LIMITED, PLOT NO.12, SOFTWA RE UNITS LAYOUT, CYBERABAD, HYDERABAD. 3.CIT(APPEALS)-1, HYDERABAD. 4.PR.CIT-1, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.