Transfer pricing documentation: penalty scope widened to include specified domestic transactions with value based penalties for noncompliance. The amendment to section 271AA extends the penalty to include specified domestic transaction, enabling the Assessing Officer or Commissioner (Appeals) to impose a penalty equal to two per cent. of the value of the specified domestic transaction where required information or documentation under section 92D is not maintained, not reported, or is incorrect.
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Provisions expressly mentioned in the judgment/order text.
Transfer pricing documentation: penalty scope widened to include specified domestic transactions with value based penalties for noncompliance.
The amendment to section 271AA extends the penalty to include specified domestic transaction, enabling the Assessing Officer or Commissioner (Appeals) to impose a penalty equal to two per cent. of the value of the specified domestic transaction where required information or documentation under section 92D is not maintained, not reported, or is incorrect.
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