Transfer pricing penalty authority expanded to include the transfer pricing officer, enhancing enforcement of documentation obligations. Amendment expands the authorities empowered to impose the penalty for failure to furnish information or documents under the transfer pricing documentation regime by permitting levy of the section 271G penalty not only by the Assessing Officer and the Commissioner (Appeals) but also by the Transfer Pricing Officer as defined in section 92CA, without altering the penalty calculation tied to the value of the international or specified domestic transaction.
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Provisions expressly mentioned in the judgment/order text.
Transfer pricing penalty authority expanded to include the transfer pricing officer, enhancing enforcement of documentation obligations.
Amendment expands the authorities empowered to impose the penalty for failure to furnish information or documents under the transfer pricing documentation regime by permitting levy of the section 271G penalty not only by the Assessing Officer and the Commissioner (Appeals) but also by the Transfer Pricing Officer as defined in section 92CA, without altering the penalty calculation tied to the value of the international or specified domestic transaction.
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