« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Indian students may get income tax relief in US... There's case to trim direct tax rates:Kamath... » Ranbaxy to move HC against tax tribunal order February, 22nd 2008 Pharma major Ranbaxy Laboratories has said it will move the Delhi High Court against the Income Tax Appellate Tribunal's order which will subject the company's cross-border transactions to scrutiny by the Transfer Pricing Officer. Contrary to reports that the ITAT had established under- assessment of income to the tune of Rs 224.5 crore during 2004-05, the issue relates to procedural aspects of assessment - whether the transactions have to be screened by the Transfer Pricing Offer or the Assessing Officer, Ranbaxy said. Asked about the impact of the ITAT order, the company spokesperson said: "The appeal relates to the procedure to be followed by the Income Tax Department for determination of Transfer Pricing. "The Income Tax Appellate Tribunal has upheld the Commissioner's view that following due procedure, the matter should have been referred by the Assessing Officer to the Transfer Pricing Officer. Ranbaxy is appealing this judgement in the Delhi High Court." There would be "no additional tax demand for the assessment year 2004-05... therefore there is no impact on the current or future earnings of Ranbaxy," he clarified. The transfer pricing regulations require that goods and services sold to associated enterprises should be valued at Arms' Length Price (ALP), a price which the company would charge from an unrelated entity. Also, the companies are expected to adopt the most appropriate method prescribed by the Income Tax Act and the rules while assigning values to the goods sold to overseas AEs.