https://www.taxtmi.com/caselaws?id=362561 The Tribunal set aside the penalty of Rs. 1.24 crores imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2005-06. It found that discrepancies in Transfer Pricing Officer's adjustments did not warrant the penalty, emphasizing the debatable nature of using multiple-year data for transfer pricing and differing opinions between the assessee and the TPO on ALP calculation. The Tribunal ruled that the penalty was unjustified, directing the Assessing Officer to delete the penalty amount. en-us Tue, 26 Jun 2018 00:00:00 +0530 Thu, 28 Jun 2018 10:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362561 The Tribunal set aside the penalty of Rs. 1.24 crores imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2005-06. It found that discrepancies in Transfer Pricing Officer's adjustments did not warrant the penalty, emphasizing the debatable nature of using multiple-year data for transfer pricing and differing opinions between the assessee and the TPO on ALP calculation. The Tribunal ruled that the penalty was unjustified, directing the Assessing Officer to delete the penalty amount. Case-Laws Income Tax Tue, 26 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362561