Google India Slammed with a Rs. 76 Crore Penalty by the IT Dept

Apurva Chaudhary for MediaNama:

[…] the tax office has refused to back down on the penalty after listening to the company’s explanation and interacting with its auditor, SR Batliboi & Associates. The authorities have said that Google India misled the authorities, deflated its income, violated accounting rules laid down by the chartered accountants’ institute and also reported incorrect revenues in order to avoid being subjected to transfer pricing adjustments with respect to its international transactions.