Penalty u/s 271G - under TNMM adopted by the assessee, the ...

Court Vacates Penalty u/s 271G for Incomplete Profit Reporting, Orders Further Review by Tax Authority.

May 4, 2021

Case Laws Income Tax AT

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 entity level margins which consists of overall profits on AE and significant non non-AE transactions - reasonable cause for non-compliance - In the interest of justice, we vacate the order of learned CIT(A) and set aside the issue to the learned CIT(A). - AT

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Penalty u/s 271G - under TNMM adopted by the assessee, the ...

Court Vacates Penalty u/s 271G for Incomplete Profit Reporting, Orders Further Review by Tax Authority.

May 4, 2021

Case Laws Income Tax AT

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