Can basis of initiation of penalty and basis of imposition of penalty may be different?

General
1

In a case before the Chandigarh Bench of the Tribunal in [[2024] 114 ITR (Trib) (S.N.) 86 (Chandigarh) ]

  • PENALTY

  • INTERNATIONAL TRANSACTIONS

  • SPECIFIED DOMESTIC TRANSACTIONS

  • ARM’S LENGTH PRICE

  • DETERMINATION

  • PENALTY INITIATED FOR NON-REPORTING OF SPECIFIED DOMESTIC TRANSACTIONS IN FORM 3CEB

  • PENALTY FINALLY IMPOSED FOR FAILURE TO PRODUCE LEDGER ACCOUNTS AND BANK ACCOUNTS

  • INITIATION OF PENALTY AND IMPOSITION OF PENALTY FALLING UNDER DIFFERENT GROUNDS

  • HELD, PENALTY NOT SUSTAINABLE

  • INCOME-TAX ACT, 1961, ss. 92CA(3) , 92D , 92E , 271AA