R.P.Tolani, Member (J) - (1.) THIS is an appeal filed by the Revenue against the order of the ld. CIT(A) -II Jaipur dated 26 -03 -2012 for the assessment year 2006 -07. The assessee has filed the cross objection.
(2.) 0 The solitary ground raised by the Revenue in its appeal is as under: - - "That the ld. CIT(A) has erred in law as well as on the facts and circumstances of the case in deleting penalty of Rs. 2,16,47,823/ - imposed u/s. 271G of the I.T. Act, 1961." Uring the course of hearing the ld. AR of the assessee in its C.O. has not pressed the Ground No. 1 (b) which is dismissed being not pressed, leaving only Ground No. 1 (a) of the assessee is that order passed u/s. 271G is barred by limitation.
(3.) 0 Brief facts of the case are that the assessee submitted Form No. 3CEB. In spite of international transactions and submitting of relevant documents, the case was referred to TPO where the assessee filed the relevant documents to ADIT (TPO) who made an observation that the assessee was served notice 92CA(2) and 92CA(3) under I.T. Act dated 22 -12 -2008, calling on the assessee to furnish ''copies of information and documents maintained u/s. 92D(1) of I.T. Act read with rules 10D(1) & (3) alongwith copy of TP study report.'' Though other details were filed but the copy of T.P. documents were not filed and the same was filed as late as 20 -07 -2009. For this default, the AO may consider initiation of penalty proceedings u/s. 271G of the Act.;