Section 92CA Reference to Transfer Pricing Officer

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The Tax Publishers [1][92CA. Reference to Transfer Pricing Officer. (1) Where any person, being the assessee, has entered into an [2][international transaction or specified domestic transaction] in any previous year, and the Assessing Officer considers it necessary or expedient so to do he may with the previous approval of the [3][Principal Commissioner or Commissioner], refer the computation of the arms length price in relation to the said [4][international transaction or specified domestic transaction] under Section 92C to the Transfer Pricing Officer. (2) Where a reference is made under sub-section (1), the Transfer Pricing Officer shall serve a notice on the assessee requiring him to produce or cause to be produced on a date to be specified therein, any evidence on which the assessee may rely in support of the computation made by him of the arms length price in relation to the [5][international transaction or specified domestic transaction] referred to in sub-section (1). [6][(2A) Where any other international transaction [other than an international transaction referred under sub-section (1)], comes to the notice of the Transfer Pricing Officer during the course of the proceedings before him, the provisions of this Chapter shall apply as if such other international transaction is an international transaction referred to him under sub-section (1).] [7][(2B) Where in respect of an international transaction, the assessee has not furnished the report under Section 92E and such transaction comes to the notice of the Transfer Pricing Officer during the course of the proceeding before him, the provisions of this Chapter shall apply as if such transaction is an international transaction referred to him under sub-section (1).] [8][(2C) Nothing contained in sub-section (2B) shall empower the Assessing Officer either to assess or reassess under Section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under Section 154, for any assessment year, proceedings for which have been completed before the 1st day of July, 2012.] (3) On the date specified in the notice under sub-section (2), or as soon thereafter as may be, after hearing such evidence as the assessee may produce, including any information or documents referred to in sub-section (3) of Section 92D and after considering such evidence as the Transfer Pricing Officer may require on any specified points and after taking into account all relevant materials which he has gathered, the Transfer Pricing Officer shall by order in writing, determine the arms length price in relation to the [9][international transaction or specified domestic transaction] in accordance with sub-section (3) of Section 92C and send a copy of his order to the Assessing Officer and to the assessee. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][92CA. Reference to Transfer Pricing Officer.

(1) Where any person, being the assessee, has entered into an [2][international transaction or specified domestic transaction] in any previous year, and the Assessing Officer considers it necessary or expedient so to do he may with the previous approval of the [3][Principal Commissioner or Commissioner], refer the computation of the arms length price in relation to the said [4][international transaction or specified domestic transaction] under Section 92C to the Transfer Pricing Officer.

(2) Where a reference is made under sub-section (1), the Transfer Pricing Officer shall serve a notice on the assessee requiring him to produce or cause to be produced on a date to be specified therein, any evidence on which the assessee may rely in support of the computation made by him of the arms length price in relation to the [5][international transaction or specified domestic transaction] referred to in sub-section (1).

[6][(2A) Where any other international transaction [other than an international transaction referred under sub-section (1)], comes to the notice of the Transfer Pricing Officer during the course of the proceedings before him, the provisions of this Chapter shall apply as if such other international transaction is an international transaction referred to him under sub-section (1).]

[7][(2B) Where in respect of an international transaction, the assessee has not furnished the report under Section 92E and such transaction comes to the notice of the Transfer Pricing Officer during the course of the proceeding before him, the provisions of this Chapter shall apply as if such transaction is an international transaction referred to him under sub-section (1).]

[8][(2C) Nothing contained in sub-section (2B) shall empower the Assessing Officer either to assess or reassess under Section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under Section 154, for any assessment year, proceedings for which have been completed before the 1st day of July, 2012.]

(3) On the date specified in the notice under sub-section (2), or as soon thereafter as may be, after hearing such evidence as the assessee may produce, including any information or documents referred to in sub-section (3) of Section 92D and after considering such evidence as the Transfer Pricing Officer may require on any specified points and after taking into account all relevant materials which he has gathered, the Transfer Pricing Officer shall by order in writing, determine the arms length price in relation to the [9][international transaction or specified domestic transaction] in accordance with sub-section (3) of Section 92C and send a copy of his order to the Assessing Officer and to the assessee.