Home Highlights April 2016 Year 2016 This

You may also like:

1. Penalty u/s. 271G - assessee did not provide any basis for comparing the transactions and it failed to provide any alternative method to benchmark the transactions which...

2. Penalty u/s 271B - non-furnishing of the Audit Report before the specified date - As the AO has failed in his duty in verifying whether books of account were audited...

3. TP Adjustment - TPO rejected the TP study undertaken by the assessee and proceeded to apply TNMM at the entity level which the assessee company has objected to - CIT(A)...

4. Penalty u/s 271B - delay in filing return - E-filing - non furnishing of tax audit report before the specified date - Penalty confirmed - AT

5. Penalty u/s 271G - assessee failed to furnish documents as required under the Rule 10D(1) in respect of the international transactions - considering the reasonable cause...

6. Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...

7. TP Adjustment - Design Engineering Services - in the TP study report assessee applied margins at the entity level - it cannot be precluded from furnishing segmental...

8. The ITAT, an Appellate Tribunal, considered the issue of penalty u/s 271G in a case involving Transfer Pricing (TP) adjustment. The assessee did not initially provide...

9. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

10. Penalty u/s 271AA - failure of the assessee to report the intentional transactions - As seen that the AO wrongly applied the amended Section 271AA which is effective...

11. Penalty levied u/s 271B - delay in furnishing audit report - bonafide belief - Delay in furnishing audit report has resulted only in technical venial breach which does...

12. The assessee challenged the penalty imposed u/s 271(1)(c) for short credit of sale consideration received from the sale of copyrights and cable rights. The issue...

13. Penalty u/s 271G – Failure to maintain documents and accounts being audited - AO should have initiated penalty proceedings u/s 271AA/271BA – the penalty levied u/s 271G...

14. Penalty u/s 271G - under TNMM adopted by the assessee, the profit of the international transaction has to be furnished, whereas the assessee has only furnished the...

15. Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...