Computation of income from international transaction having regard to Arm's Length Price-Section 92 of the Income-tax Act - Reference to Transfer Pricing Officer and his role - regarding. - Income Tax - Instruction No. 05/2003

INSTRUCTION NO. 5/2003 Dated : July 17, 2003 Subject : Computation of income from international transaction having regard to Arm's Length Price-Section 92 of the Income-tax Act - Reference to Transfer Pricing Officer and his role - regarding - Reference is invited to Instruction No. 3/2003 on the above subject wherein it was directed that selection of cases for scrutiny and reference to TPO on the basis of threshold limit of Rs.5 crores (in respect of international transaction) in respect of pending returns filed for assessment year 2002-2003 should be completed by 30.06.2003. Representations have been received from filed formation requesting for extension of this time limit as in some of the charges the work could not be completed. Keeping in mind the request of various charges, it has been decided by the CBDT to extend date of selection of cases for scrutiny and reference to TPO (in respect of pending returns for assessment year 2002-2003) to 15.08.2003. It has been further decided that the selection should be completed expenditiously and reference should be made to Transfer Pricing Officers and a communication confirming that selection of cases and reference to TPO has been completed by 15.08.2003 should be forwarded to the Board by Chief Commissioner/Director General. The communication should be sent to the CBDT by 31.08.2003. F.No. 500/19/2003-FTD Devendra Shanker Director (Foreign Tax Tax Research-I )