https://www.taxtmi.com/acts?id=49843 The amendment fixes the penalty under section 271 as a sum of ten thousand rupees, replacing the prior range. It inserts Explanation 7 providing that amounts added or disallowed due to transfer pricing adjustments in international transactions are deemed to represent concealed or inaccurately furnished income unless the assessee proves to the Assessing Officer or Commissioner (Appeals) that the price was computed in accordance with transfer pricing provisions and prescribed manner, in good faith and with due diligence. en-us Tue, 25 Feb 2025 14:29:03 +0530 Tue, 25 Feb 2025 14:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49843 The amendment fixes the penalty under section 271 as a sum of ten thousand rupees, replacing the prior range. It inserts Explanation 7 providing that amounts added or disallowed due to transfer pricing adjustments in international transactions are deemed to represent concealed or inaccurately furnished income unless the assessee proves to the Assessing Officer or Commissioner (Appeals) that the price was computed in accordance with transfer pricing provisions and prescribed manner, in good faith and with due diligence. Act-Rules F. Acts / Amendment Acts Tue, 25 Feb 2025 14:29:03 +0530 https://www.taxtmi.com/acts?id=49843