Penalty u/s 271G - assessee was unable to submit internal TNMM ...

Penalty u/s 271G Waived Due to Impracticality of Maintaining Segmental Profitability Records in Diamond Transactions.

October 9, 2019

Case Laws Income Tax AT

Penalty u/s 271G - assessee was unable to submit internal TNMM by working out the profitability of AE and non-AE segment - due to peculiar nature of the product and constant mixing and re-mixing of diamonds obtained from AEs and non-AEs, it would not be feasible to maintain records to determine segmental profitability to work out internal TNMM. - No penalty.

View Source

← Previous Next →

Penalty u/s 271G - assessee was unable to submit internal TNMM ...

Penalty u/s 271G Waived Due to Impracticality of Maintaining Segmental Profitability Records in Diamond Transactions.

October 9, 2019

Case Laws Income Tax AT

You may also like:

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...

Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under...

Penalty u/s 271G - requirement of maintenance of segment profitability between AEs and non-AEs transactions - non-maintenance of details in terms of section 92D(3) of IT...

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...

Non-discharge of service tax - extended period invoked, service tax demanded - penalties imposed u/ss 77 and 78 of Finance Act, 1994 - appellant providing taxable...

TP Adjustment - segmental profitability consideration for benchmarking analysis - The segmental accounting prepared cannot be rejected without pointing out defects in...

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...

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

Penalty u/s 271G - assessee failed to keep and maintain any information as per the provisions of section 92D - The order of authorities below is conspicuous inasmuch as...

Valuation - C&F Agency services - reimbursement of the expenditure - demand restricted to normal period - penalty waived - AT

Reversal of Credit availed but not utilized - penalty waived but demand of interest confirmed - HC

Penalty levied u/s 271B - not getting accounts Audited within the due date specified u/s 44AB - It was established that the appellant did not maintain the books of...

Penalty u/s 271(1)(c) - absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income -...

Imposition of penalty u/s 271G - failure to furnish information or documents in respect of segmental amount relating to transaction made with AEs and non-AEs for...

The ITAT ruled against penalty imposition u/s 271AA for failure to maintain transfer pricing documentation u/s 92D read with Rule 10D. The tribunal emphasized that...

Quick Updates: