Assessee to ‘keep and maintain’ information and documents in respect of international transaction entered into with AE – ITAT Mumbai

ACIT Vs. Smith & New phew Healthcare (P) Ltd. (ITAT Mumbai)- As rightly held by the CIT(A), the requirement of law is that the Assessee has to “keep and maintain” information and documents in respect of international transaction entered into with AE. Rule 1OD(4) of the Rules envisages that the information and documents specified under sub-rules (1) and (2) should, as far as possible, be contemporaneous and should exist latest by the specified date referred to in clause (iv) of section 92F, which is due date for filing return of income u/s. 139(1) of the Act. The Assessment ord...