TMI BlogReference to Transfer Pricing Officer (TPO) - Section 92CAX X X X Extracts X X X X X X X X Extracts X X X X ..... ssary or expedient so to do, he may, with the previous approval of the Principal Commissioner or Commissioner, refer the computation of the arm s length price in relation to the said international transaction or specified domestic transaction u/s 92C to the Transfer Pricing Officer. Procedure to be followed by TPO when reference is him made to:- (2) Service of notice: Where a reference i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransaction is an international transaction referred to him under section 92CA(1). (2B) Provisions of transfer pricing shall also apply to international transaction for which report u/s 92E is not furnished by the assessee Where in respect of an international transaction, the assessee has not furnished the report u/s 92E and such transaction comes to the notice of the TPO during the course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any specified points; and After taking into account all relevant materials which he has gathered, the Transfer Pricing Officer shall, by order in writing, determine the arm s length price in relation to the international transaction in accordance with section 92C(3) and send a copy of his order to the Assessing Officer and to the Assessee. (3A) TPO to pass order at any time before 60 days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foresaid period of limitation shall be deemed to have been extended accordingly. (4) Steps to be taken by the Assessing Officer on receipt of order on the TPO : On receipt of the order under section 92CA(3), the Assessing Officer shall proceed to compute the total income of the Assessee under section 92C(4) in conformity with the arm s length price as so determined by the Transfer Pricing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may, for the purposes of determining the arm s length price under this section, exercise all or any of the powers specified in clauses ( a ) to ( d ) of section 131(1) or u/s 133(6) or u/s 133A thus, TPO shall now have power to conduct on the spot enquiry and verification. Some Relevant Point Transfer Pricing Officer Transfer pricing officer means a joint Commissioner or Deput ..... X X X X Extracts X X X X X X X X Extracts X X X X
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