Practical Accounts And Taxation
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Where AO imposed penalty on assessee under sec. 271AA on ground that it had furnished report in Form 3CEB on 28-9-2011 wherein transaction of receipt of share capital from AE was not disclosed. Penalty not justified in view of fact that there would be retrospective amendment by Finance Act, 2012 wherein transaction of issue of shares would be included. Hence, there was a reasonable cause for not disclosing said transaction as an international transaction.
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