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The TPO also initiated penalty proceedings under section 271G of the Act for non-furnishing of certain TP documentation with respect to the aforesaid international transactions of import of raw material and finished goods and export of finished goods. The Ld.CIT(A) upheld the order of the TPO.Aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before Tribunal.

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Sec. 271G of Income Tax Act, 1961— Penalty —Assessee has sufficiently complied with the requirement of Rule 10D(i) of the Rules and moreover the AO has not raised any specific issue which specific documents is not produced under section 92D(3), hence,it was concluded that the assessee has furnished all the informations as asked for by the AO and unless and until a specific defect is pointed out in the submissions of documents, penalty under section 271G cannot be levied - PROCTER AND GAMBLE HYGIENE AND HEALTH CARE LIMITED V/s DEPUTY CIT - [2020] 28 ITCD Online 061 (ITAT-MUMBAI)