Additional DRP panels created
February 26, 2010
Three new dispute resolution panels have been set up in Mumbai, New Delhi and Hyderabad to ease the burden of dealing with taxpayers’ applications for resolutions.
The Finance Act 2009 introduced an Alternative Dispute Resolution Mechanism for all transfer pricing disputes and tax disputes of foreign companies with effect from October 1 2009. As per this mechanism, the dispute is placed before a panel of three Commissioners of Income Tax known as the Dispute Resolution Panel (DRP).
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