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| The Tax Publishers2019 TaxPub(DT) 5325 (SC) : (2019) 310 CTR 0001 : (2019) 266 TAXMAN 0451 INCOME TAX ACT, 1961
Section 92C
Assessee had entered into transactions with AE abroad aggregate value of which exceeded Rs. 5 crores. AO in view of guidelines issued by CBDT in Instruction No. 3/2003 was not right in not making reference to TPO and thus AO had breached mandatory instructions issued by CBDT, therefore, matter was remanded back to AO so that appropriate reference could be made to TPO.
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Transfer pricing - Determination of ALP - No reference to TPO - Aggregate value of international transactions exceeding Rs. 5 crores
Assessee entered into transactions with its AE abroad aggregate value of which exceeded Rs. 5 crores, however, AO without making reference to TPO worked out ALP adjustment.Held: In view of guidelines issued by CBDT in Instruction No. 3/2003 AO was not right in not making reference to TPO, and thus AO had breached mandatory instructions issued by the CBDT. Matter was remanded back to AO so that appropriate reference could be made to TPO.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE SUPREME COURT OF INDIA
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