Tax/International Transaction/Transfer Pricing Updates : Assessee's Petition Dismissed by HC

Income Tax Act, 1961 : Transfer Pricing Updates

It has been very clearly and emphatically held, while dismissing the petition of the assessee, who had filed the petition against the Income Tax Department that in view of the reasons given in the Judgment "there is no merit in" this assessee's "petition". 

In this case, the facts were that the case arose out of international transactions and the international transactions were referred to the Transfer Pricing Officer for determination of ALP and the Income Tax Department's Officer had also ruled on appropriate basis for determination of ALP (Arms' Length Price). Citation : [2021] GCtR 1223

Apart from the above Decision it is relevant to note that the Finance Act, 2016 had "amended S.92CA (3A) of Income-tax Act, 1961 which says : "Provided that in the circumstances referred to in clause (ii) or clause (x) of Explanation (1) to section 153, if the period of limitation available to the Transfer Pricing Officer for making an order is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to have been extended accordingly." 

Vishal

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