Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (10) TMI 1609 - AT - Income TaxTP Adjustment - valid reference made u/s 92CA(1) by the AO to the Transfer Pricing Officer (TPO) - HELD THAT:- From a perusal of the above records produced by the ld. DR, we find that the Assessing Officer has not made a reference as per law to the T.P.O. u/s 92CA(1) - AO of the assessee has to address a communication to the T.P.O. making the reference u/s 92CA(1) of the Act by mentioning as to which are the international transaction which require determination of ALP. From the above, it is clear the revenue could not demonstrate that there was a valid reference u/s 92CA(1) of the Act, for both the impugned assessment years by the Assessing Officer to the T.P.O. Only letters of approval obtained for making the reference are available on record, right from the stage of assessment proceedings. We agree with the contentions of assessee that the assessment orders passed for both the assessment years are barred by limitation as there is no valid reference by the Assessing Officer to the T.P.O and consequently the limitation specified u/s 153(1) of the Act, applies. From a perusal of the above records produced by the ld. DR, we find that the Assessing Officer has not made a reference as per law to the T.P.O. u/s 92CA(1) of the Act. The Assessing Officer of the assessee has to address a communication to the T.P.O. making the reference u/s 92CA(1) of the Act by mentioning as to which are the international transaction which require determination of ALP. It is clear the revenue could not demonstrate that there was a valid reference u/s 92CA(1) of the Act, for both the impugned assessment years by the Assessing Officer to the T.P.O. Only letters of approval obtained for making the reference are available on record, right from the stage of assessment proceedings. We agree with the contentions of the ld. Counsel for the assessee, that the assessment orders passed for both the assessment years are barred by limitation as there is no valid reference by the Assessing Officer to the T.P.O and consequently the limitation specified u/s 153(1) of the Act, applies. Appeal of assessee allowed.
|