9911796707
TMI Blog2013 (9) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... sked for any specific information or document from the assessee, which was not supplied within the period stated in Section 92D(3). The Assessing Officer had wrongly assumed that there was default in supplying information or documents within thirty days or extended period on the ground that all documents prescribed under Rule 10D of the Income Tax Rules, 1962 (Rules, for short) should have been furnished within the prescribed period of thirty days or the extended period. Secondly, the tribunal has observed that the Transfer Pricing Officer (TPO) had issued first notice under Section 92CA(3) and 92D(3) of the Act seeking information and evidence by 10th January, 2008. The date of service of notice was not known and there was no evidence whether or not time was extended. The TPO submitted the transfer pricing report on 26th February, 2008, accepting that in view of the functional and economic analysis of the assessee in comparables, no adverse inference should be drawn in respect of international transactions. The TPO, however, in the office note, which was not meant for the assessee, had recorded that the transfer pricing report was filed late on 26th February, 2008. The assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under that sub-section. (3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an international transaction to furnish any information or document in respect thereof, as may be prescribed under sub-section (1), within a period of thirty days from the date of receipt of a notice issued in this regard: Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days." 8. Sub-section (3) of Section 92D postulates that an Assessing Officer, Commissioner (Appeals) may require any person, who has entered into an international transaction to furnish information or document, as may be prescribed, under sub-section (1) within a period of thirty days from the date of receipt of notice, which period under the proviso can be extended. Sub-section (1) to Section 92D states that every person, who enters into international transact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the nature and terms (including prices) of international transactions entered into with each associated enterprise, details of property transferred or services provided and the quantum and the value of each such transaction or class of such transaction; (e) a description of the functions performed, risks assumed and assets employed or to be employed by the assessee and by the associated enterprises involved in the international transaction; (f) a record of the economic and market analyses, forecasts, budgets or any other financial estimates prepared by the assessee for the business as a whole and for each division or product separately, which may have a bearing on the international transactions entered into by the assessee; (g) a record of uncontrolled transactions taken into account for analysing their comparability with the international transactions entered into, including a record of the nature, terms and conditions relating to any uncontrolled transaction with third parties which may be of relevance to the pricing of the international transactions; (h) a record of the analysis performed to evaluate comparability of uncontrolled transactions with the relevant international ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity of uncontrolled transactions. These are general clauses relating to data, details etc. of third parties etc. These details, data, information etc. can be voluminous, fluctuating and otherwise capacious. 12. Sub-rule (3) to Rule 10D states that information specified in Rule 1 shall be supported by authentic documents, which may include the documents mentioned in sub-clauses (a) to (g). These include official publication report, status and data bases of Government of countries of residents of associated enterprises or other countries, market research studies, price publications including stock exchange and commodity market quotations, agreement contracts with unrelated enterprises etc. The word used in sub-section (3) to Rule 10D is "may". 13. It is clear from the reading of Section 10D that it will include almost anything and everything relating to international transactions, including data bases, reports, publications, data bases from Governments or bodies outside India. Some other stipulations are assessee specific and not general, broad or heterogeneous. 14. Sub-rule (4) further states that the documents specified in sub-rules (1) and (2), as far as possible, be contempor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
