Ram & Associates entered into an international transaction or specified domestic transaction failed to furnish information and documents in respect of such international transaction or specified domestic transaction.

CS Executive · Tax Laws and Practice · PYQS · December 2020
Ram & Associates entered into an international transaction or specified domestic transaction failed to furnish information and documents in respect of such international transaction or specified domestic transaction. State the quantum of penalty to be imposed by Assessing Officer or Commissioner (appeals) for such failure on Ram & Associates.
(A) 1% of the value of each international transaction
(B) 2% of the value of each international transaction
(C) 3% of the value of each international transaction
(D) 4% of the value of each international transaction

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Transfer Pricing

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