https://www.taxtmi.com/caselaws?id=325640 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act due to the appellant's lack of due diligence and good faith in transfer pricing practices. The penalty was affirmed based on Explanation 7 of the Act, as the appellant failed to utilize available comparable uncontrolled prices and transaction-to-transaction benchmarking. The Tribunal dismissed the appeal, concluding that the penalty was justified considering the circumstances, confirming the penalty imposed by the lower authorities. en-us Wed, 17 Feb 2016 00:00:00 +0530 Fri, 25 Mar 2016 09:35:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325640 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act due to the appellant's lack of due diligence and good faith in transfer pricing practices. The penalty was affirmed based on Explanation 7 of the Act, as the appellant failed to utilize available comparable uncontrolled prices and transaction-to-transaction benchmarking. The Tribunal dismissed the appeal, concluding that the penalty was justified considering the circumstances, confirming the penalty imposed by the lower authorities. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325640