ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence [Read Order]

In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions. The assessee […]

The post ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

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