Cambridge Technology Enterprises Limited , Hyderabad V. Dy. Commissioner of Income Tax , Circle-1(2), Hyderabad

ITA 1227/Hyd/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 9147 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 7 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2013-2014
• Appeal Filed On: 07-08-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P MURALI MOHANA RAO
• Keywords: Transfer pricing; International transaction
• Section: 92E

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. NO. 1227/HYD/2019 ASSESSMENT YEAR: 2013-14 M/S.CAMBRIDGE TECHNOLOGY ENTERPRISES LIMITED, HYDERABAD [PAN: AAACU3358G] VS DCIT, CIRCLE-1(2), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI P.MURALI MOHANA RAO, AR FOR REVENUE : SHRI ROHIT MUJUMDAR, DR DATE OF HEARING : 17-02-2021 DATE OF PRONOUNCEMENT : 19-03-2021 O R D E R PER S.S.GODARA, J.M. : THIS ASSESSEES APPEAL FOR AY.2013-14 ARISES FROM TH E CIT(A)-1, HYDERABADS ORDER DATED 27-06-2019 PASSED IN APPEAL NO.10033 / 2018-19/ DCIT 1(2) / CIT(A)-1 / H YD / 2019-20 IN PROCEEDINGS U/S.271BA OF THE INCOME TAX A CT, 1961 [IN SHORT, THE ACT]. HEARD BOTH PARTIES. CASE FILE PERUSED. 2. THE SOLE SUBSTANTIVE ISSUE THAT ARISES FOR OUR APT ADJUDICATION IN THE ASSESSEES INSTANT APPEAL CHALLEN GES CORRECTNESS OF THE LOWER AUTHORITIES ACTION IMPOSING S ECTION 271BA PENALTY OF RS.1,00,000/- ON ACCOUNT OF ITS FAIL URE TO ITA NO. 1227/HYD/2019 :- 2 -: REPORT THE RELEVANT INTERNATIONAL TRANSACTIONS IN ITS FO RM- 3CEB IN THE LIGHT OF SECTION 92E OF THE ACT. SUFFICE TO SAY, IT TRANSPIRES AT THE OUTSET FROM A PERUSAL OF THE ASSESSING OFFICERS DRAFT ASSESSMENT ORDER DT.30-12-2016 IN PG.2 PARA-2 THEREOF THAT THE ASSESSEE HAS ALREADY BEEN HELD TO HAVE FURNISHED ITS FORM-3CEB IN ACCORDANCE WITH THE PROVIS IONS OF SECTION 92E OF THE ACT. WE THUS REVERSE THAT THE LEARNED LOWER AUTHORITIES ACTION IMPOSING THE IMPUGNED PENALTY FOR THIS PRECISE REASON ALONE. THE IMPUGNED PENALTY OF RS.1, 00,000/- IN QUESTION IS DIRECTED TO BE DELETED. ORDERED ACCORD INGLY. 3. THIS ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 19 TH MARCH, 2021 SD/- SD/- (LAXMI PRASAD SAHU) (S.S.G ODARA) ACCOUNTANT MEMBER JUDICIAL MEM BER HYDERABAD, DATED: 19-03-2021 TNMM ITA NO. 1227/HYD/2019 :- 3 -: COPY TO : 1.M/S.CAMBRIDGE TECHNOLOGY ENTERPRISES LTD., C/O. P.MURALI & CO., CHARTERED ACCOUNTANTS, 6-3-655/2/3, 1 ST FLOOR, SOMAJIGUDA, HYDERABAD. 2.THE DCIT, CIRCLE-1(2), HYDERABAD. 3.CIT(APPEALS)-1, HYDERABAD. 4.PR.CIT-1, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.