Tuesday, December 15, 2009

DIFFERENCE OF OPINION NO GROUND FOR PENALTY

The Delhi Income-tax Appellate Tribunal (ITAT) has held that difference of opinion cannot be a ground for levying penalty in transfer pricing issues. The ITAT said there should be sufficient ground to believe that the assessee had malafide intention before levying a penalty under section 271(I)(c) of the Income Tax Act.

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