Indian Income Tax Appellate Tribunal decision on procedure of transfer pricing audit and related matters

The Indian Income Tax Appellate Tribunal (ITAT) delivered a ruling dated 12 July 2007 in the cases of Aztec Software & Technology vs. Assistant Commissioner of Income Tax (ITA No. 584/Bangalore/2006) and Assistant Commissioner of Income Tax vs. Aztec Software & Technology (ITA No. 585/Bangalore/2006) on a number of transfer pricing issues and other related matters. Broadly, the ITAT has reaffirmed the validity of the legal and procedural aspects of the Indian t…