9911796707
TMI Blog2015 (1) TMI 1303X X X X Extracts X X X X X X X X Extracts X X X X ..... on 92CA(1) of the Income Tax Act, 1961, proposal of first respondent to third respondent dated 26.10.12 and approval of third respondent dated 11.12.12 being without approval of Commissioner, Income Tax as contemplated under the said section. (ii) to quash the order of second respondent passed on 30.1.2014 under section 92CA(3) of the Act on the basis of reference which were without authority of law and suffered from infirmities. (iii) In the circumstances stated hereinabove this Hon'blee court be pleased to declare that instruction No.3 of 2003 dated 20th May 2003 is unconstitutional ultra vires, void, contrary to the provision of the Act and of no legal effect, (iv) In the circumstances stated hereinabove this Hon'ble Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inal record produced before this court established that there was no approval by the Commissioner of Income-tax into the matter of transfer to the pricing officer. Para 10 of the order reads as under :- "In the present case, the first ground raised by the petitioner Company is that no approval, as required u/S. 92 has been obtained from the Commissioner of Income Tax. Section 92CA reads as under : 92CA Reference to Transfer Pricing Officer- (1) Where any person, being the assessee, has entered into an international transaction in any previous year, and the Assessing Officer considers it necessary or expedient so to do, he may, with the previous approval of the Commissioner, refer the computation of the arm's length price in rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... py of his order to the Assessing Officer and to the assessee. (3A) Where a reference was made under sub-section (1) before the 1st day of June, 2007 but the order under subsection (3) has not been made by the Transfer Pricing Officer before the said date, or a reference under subsection (1) is made on or after the 1st day of June, 2007, an order under sub-section (3) may be made at any time before sixty days prior to the date on which the period of limitation referred to in section 153, or as the case may be, in section 153B for making the order of assessment or reassessment or recomputation or fresh assessment, as the case may be, expires. (4) On receipt of the order under sub-section (3), the Assessing Officer shall proceed to compu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;s Length Price. The respondent no.1 sent a reference under Section 92CA(1) of the Income Tax Act vide letter no. Addl CIT/R/Ind/2010-11/460 dated 22-3-2011 observing that in the opinion of the first respondent, it was necessary and expedient to refer the case to the second respondent to determine Arm's Length Price of international transactions. On verification of the audit report in Form No.3 CEB furnished by the petitioner, it was found that the assessee petitioner had entered into international transaction specified under section 92CA of Income Tax Act of substantial magnitude. After careful examination of the reference, the respondent No.3 has correctly accorded approval on the reference received from the respondent no.1 which wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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