Action By The Taxpayer, The assessing Officer And The Transfer Pricing Officer While the APA is Processed or Negotiated - International Taxation - Income Tax

Action By The Taxpayer, The assessing Officer And The Transfer Pricing Officer While the APA is Processed or Negotiated Since processing and negotiation of an APA application takes time, it is possible that assessment process by the assessing officer with respect to the year under APA, or the transfer pricing audit by the transfer pricing officer with respect to the year under APA, might be required to be initiated or completed. Such proceedings by the assessing officer and the transfer pricing officer shall continue without taking cognizance of the fact that APA process with respect to that year has already been started. It is clarified that merely filing of an APA application will not have any impact on the action that the assessing officers or the transfer pricing officers are required to take under the Act. Further, the taxpayer is required to maintain all the documents and submit all the reports necessary under the Income-tax Act till the lodgment of modified return on finalization of the APA.