Penalty for failure to furnish transfer pricing information can be imposed on parties to international or specified domestic transactions. A statutory penalty applies where a person party to an international or specified domestic transaction fails to furnish information or documents required under section 171(2); the provision establishes a value linked penalty for each such failure, and tax assessing and transfer pricing authorities as well as the appellate tax authority have the power to impose the sanction.
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 failure to furnish transfer pricing information can be imposed on parties to international or specified domestic transactions.
A statutory penalty applies where a person party to an international or specified domestic transaction fails to furnish information or documents required under section 171(2); the provision establishes a value linked penalty for each such failure, and tax assessing and transfer pricing authorities as well as the appellate tax authority have the power to impose the sanction.
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