In its recent judgment in case of GI Systems Org. (India) Pvt. Ltd.v.ITO [I.T.A. NO. 156 & 157/HYD/2010] dated March 25, 2011, Income-tax Appellate Tribunal of Hyderabad has observed that in case there is an international transaction then the taxpayer must file Accountant's Report in Form 3CEB as required by sec 92E of the Act. Otherwise the taxpayer would be liable for penalty equal to Rs.100,000 under the provision of sec 271BA of the Act.
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CA. Gaurav Garg
JGarg Economic Advisors
New Delhi, India
www.jgarg.com
Contact us for expert level of transfer pricing services (M) +91 9899994934 (E) gaurav@jgarg.com
Keep Visiting
CA. Gaurav Garg
JGarg Economic Advisors
New Delhi, India
www.jgarg.com
Contact us for expert level of transfer pricing services (M) +91 9899994934 (E) gaurav@jgarg.com
