« From the Courts » Open DEMAT Account in 24 hrs  Supreme Court Clarifies IBC Appeal Limitation Rules: 60-Day Deadline Cannot Be Extended by Delayed Receipt of Certified Order  CBDT Circulars Cannot Override Income Tax Act, Not Binding on Courts: Supreme Court «  Vaseline is a drug, not cosmetic, rules SC... Part of the direct cost is attributable to the value of DEPB... » Landmark tribunal ruling hits tax authority May, 23rd 2008 In a major ruling which will have widespread implications for transfer pricing inquiries in India, a tribunal has set limits on the scope of transfer pricing officers (TPOs) to demand company documentation. The Indian subsidiary of Cargill has won an appeal against a $10.1 million penalty issued by the tax authorities after they said the company had failed to provide adequate documentation. The Income Tax Appellate Tribunal also threw out the TPOs demands for more detailed documentation. It restricted which classifications of documents can be requested in particular circumstances. Advisers in India say the ruling is a victory for common sense and a step in the right direction.