« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  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.