Transfer Pricing- Documentation is required to be maintained contemporaneously on an annual basis

Air tech Private Limited Vs. Deputy Commissioner of Income Tax, New Delhi for Assessment Year 2006- 07, ITA No. 3591(DEL)/2010) Executive Summary- The Delhi bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of Airtech Private Limited (Appeal no. ITA 3591 Del )/2010) on documentation aspect of transfer pricing (TP). The Tribunal held that contemporaneous TP Documentation was to be maintained by the taxpayer annually as the transaction was separate and was influenced by changing market dynamics. Facts- Airtech Private Limited (“Taxpayer”) is en...