No penalty as there are practical difficulties in furnishing details of AE amp; non-AE transaction in diamond industry: ITAT

INCOME TAX : Where assessee-company was engaged in business of manufacturing of high end diamond jewellery and TPO observed that assessee had failed to submit segmental accounts regarding its AE and non-AE transactions, as it had not maintained documents as required under section 92D(3) read with rule 10D(3), there being practical difficulties involved in furnishing segmental details of AE transactions and non-AE transactions in diamond industry,INCOME TAX : Where assessee-company was engaged in business of manufacturing of high end diamond jewellery and TPO observed that assessee had failed to submit segmental accounts regarding its AE and non-AE transactions, as it had not maintained documents as required under section 92D(3) read with rule 10D(3), there being practical difficulties involved in furnishing segmental details of AE transactions and non-AE transactions in diamond industry,www.taxmann.com Latest Case LawsRead More

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