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2012 (11) TMI 890 - HC - Income TaxWrit Petition - challenging the reference made under section 92CA(1) - computation of arm's length price – alleged that no approval of the Commissioner of the Income Tax was obtained for making a reference u/s. 92CA(1) by the first respondent and proper opportunity was not given to the petitioner Company by the Transfer Pricing Officer and documents demanded by the Company were also not given to the petitioner Company by the Transfer Pricing Officer - Held that:- Reference was made correctly after obtaining approval from the Commissioner and after verifying the details furnished by the assessee in Auditor's Report in Form No. 3CEB with respect to the international transactions with associate enterprises. There was no breach of the principles of natural justice by the Transfer Pricing Officer. Under sub-section (3) of section 92CA the Transfer Pricing Officer is required to comply with the principles of natural justice and to render a determination of the Arm's Length Price in relation to the international transaction in accordance with section 92C(3) - petitioner was on notice of the nature of the enquiry which was being persued by the Transfer Pricing Officer - reasonable opportunity was granted to the petitioner which is evident from the affidavit filed by the Department - order has been passed by an authority competent to pass such an order - writ petition is accordingly dismissed. No order as to costs
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