Penalty for non-furnishing of information may be imposed for each failure by tax authorities in transfer pricing cases. The Bill authorises imposition of a monetary penalty equal to two percent of the value of the transaction for each failure to furnish information or documents relating to an international transaction or a specified domestic transaction, to be imposed by the Tax Assessing Officer, the officer handling transfer pricing matters, or the Commissioner (Appeals).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for non-furnishing of information may be imposed for each failure by tax authorities in transfer pricing cases.
The Bill authorises imposition of a monetary penalty equal to two percent of the value of the transaction for each failure to furnish information or documents relating to an international transaction or a specified domestic transaction, to be imposed by the Tax Assessing Officer, the officer handling transfer pricing matters, or the Commissioner (Appeals).
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