No Section 271G Penalty Without Transfer Pricing Adjustment

ACIT Vs Eurostar Diamonds India Pvt Ltd. (ITAT Mumbai)

The Income Tax Appellate Tribunal (ITAT) Mumbai delivered a notable judgment in the case of ACIT vs Eurostar Diamonds India Pvt Ltd. concerning the levy of penalty under section 271G of the Income-tax Act, 1961 (the Act). This case revolves around the failure of the taxpayer to furnish certain information required for Transfer Pricing (TP) documentation. Here’s a detailed analysis:

Facts of the Case: Eurostar Di

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