Non Filing of Form 3CEB Would Attract Penalty: ITAT Hyderabad

In its recent judgment in case of GI Systems Org. (India) Pvt. Ltd.v.ITO [I.T.A. NO. 156 & 157/HYD/2010] dated March 25, 2011, Income-tax Appellate Tribunal of Hyderabad has observed that in case there is an international transaction then the taxpayer must file Accountant's Report in Form 3CEB as required by sec 92E of the Act. Otherwise the taxpayer would be liable for penalty equal to Rs.100,000 under the provision of sec 271BA of the Act.


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