Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT RATES :: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
From the Courts »
 Commissioner Of Income Tax, Delhi Vs. M/s. Maruti Udyog Ltd
 Pr. Commissioner Of Income Tax - 6 Vs. M/s. Mohan Export India Private Limited
 Principal Commissioner Of Income Tax-7 Vs. Oriental International Co. Pvt. Ltd.
 Pr. Commissioner Of Income Tax-2 Vs. British Motor Car Co.(1934) Ltd
  Vidyadayani Shiksha Samiti vs. CIT (ITAT Delhi)
 Halcrow Consulting India Pvt. Ltd vs. DCIT (ITAT Delhi)
 ACIT vs. TRN Energy Pvt. Ltd (ITAT Delhi)
 Aditya Chemicals Ltd vs. ITO (ITAT Delhi)
 Gayatri Aggarwal Vs. Income Tax Commissioner & Ors.
 Paradigm Geophysical Pvt. Ltd. Vs. Commissioner Of Income Tax (International Taxation)-3, New Delhi
 Download Companies (Amendment) Act, 2017

Tata Communications Limited vs. DCIT (ITAT Mumbai)
February, 13th 2014

S. 263: CIT cannot revise the TPO’s transfer pricing order passed u/s 92CA(3). CIT also cannot revise s. 143(3) order because such order is not erroneous if it follows binding order of TPO

The AO made a reference u/s 92CA(1) to the TPO for the computation of arm’s length price (“ALP”) in relation to the international transactions in AY 2005-06 & 2006-07. Pursuant thereto, the TPO passed an order u/s 92CA(3) proposing an adjustment of Rs. 12.19 crore for AY 2005–06 & Rs. 9.18 crore for AY 2006–07. The AO computed the income of the assessee in conformity with the ALP determined by the TPO. Thereafter, the CIT passed an order u/s 263 by which he held that the order passed by the TPO was erroneous and prejudicial to the interests of the revenue and that the s. 143(3) assessment order was also erroneous & prejudicial to the interests of the revenue. He set aside the assessment order with a direction to refer the issue of adjustment of arm length value of international transactions to the TPO for reconsideration and to pass an appropriate assessment order in view of the findings from the TPO. The assessee filed an appeal before the Tribunal in which it claimed that the CIT had no jurisdiction over the TPO administratively and, therefore, he could not have revised the order u/s 92CA(3) passed by the TPO and that, therefore, the s. 263 order was without jurisdiction. HELD by the Tribunal allowing the appeal:

The Commissioner cannot exercise revisionary jurisdiction u/s 263 on the transfer pricing order passed u/s 92CA(3) by the TPO. As regards the assessment order, it cannot be said to be “erroneous” because the AO is bound by the transfer pricing order u/s 92CA(4) is binding on the AO. Consequently, the CIT’s order is without jurisdiction (Essar Steels Ltd 152 TTJ 265 (Mum) followed)

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions