Penalty justified for failure to maintain Transfer Pricing Documents

DCIT Vs Convergys Customer Management Group Inc. (ITAT Delhi) It is mandatory for all taxpayers, without exception, to obtain an independent accountant’s report in respect of all international transactions between associated enterprises or specified domestic transactions. The report has to be furnished by the due date of the tax return filing. Even if it is submitted that there is no international transaction, it cannot escape the assessee at least to obtain independent accountant’s report for specified domestic transactions. Thus, the assessee mandatorily has to maintain documents of ...