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2014 (8) TMI 1016 - HC - Income TaxRevision u/s 263 - Transfer Pricing Authority has accepted valuation by the Assessing Authority determining the arm’s length price - ITAT set aside the order passed by the Appellate Commissioner under Section 263 - Held that:- Day the reference was made by the Assessing Authority to the Transfer Pricing Authority, there was no return pending for consideration by him and therefore, the very reference was bad. Even otherwise, the said Transfer Pricing Authority did not find fault with the adjudication of determining arm s length price by the Assessing Authority. In those circumstances, the Commissioner committed an error in exercising his power under Section 263 of the Act and the Tribunal was justified in interfering with the said order. Therefore, we do not see any merit in appeal - Decided against revenue
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