2024 (3) TMI 159 - SCH - Income Tax

Power of the TPO to determine ALP transaction as sham - As decided by HC 2014 (7) TMI 1387 - TELANGANA AND THE STATE OF ANDHRA PRADESH HIGH COURT Transfer Pricing Officer is not empowered to hold the transaction as sham transaction - HELD THAT - We are not inclined to interfere with the impugned judgment of the High Court. However, the questions of law with respect to the powers and jurisdiction of the Transfer Pricing Officer are kept open for being considered in an appropriate case. In view of the above, the Special Leave Petition is dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition and did not interfere with the High Court's judgment. Questions regarding the powers and jurisdiction of the Transfer Pricing Officer are left open for future consideration.