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TMI BlogReference to Transfer Pricing OfficerX X X X Extracts X X X X X X X X Extracts X X X X ..... 's length price in relation to an international transaction or a specified domestic transaction shall be made, if the Transfer Pricing Officer has declared that option exercised by the assessee in sub-section (3B) in relation to such transaction is valid for such previous year: Provided further that if any reference for an international transaction or a specified domestic transaction, in respect of a previous year, for which the option is declared valid under sub-section (3B) is made before or after such declaration by the Transfer Pricing Officer, the provisions of this sub-section shall have the effect as if no reference is made for such transaction.] (2) Where a reference is made under sub-section (1), the Transfer Pricing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year, proceedings for which have been completed before the 1st day of July, 2012.] (3) On the date specified in the notice under sub-section (2), or as soon thereafter as may be, after hearing such evidence as the assessee may produce, including any information or documents referred to in sub-section (3) of section 92D and after considering such evidence as the Transfer Pricing Officer may require on any specified points and after taking into account all relevant materials which he has gathered, the Transfer Pricing Officer shall, by order in writing, determine the arm's length price in relation to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, on fulfilment of the following conditions, namely:-- (a) the assesee exercises an option or options to the above effect for the said two consecutive previous years; (b) such option or options are exercised in such form, manner and within such period as prescribed; and (c) the Transfer Pricing Officer shall, within one month from the end of the month in which such option or options are exercised, by an order in writing, declare that such option or options are valid subject to the conditions, as prescribed: Provided that the provisions of this sub-section shall not apply to any proceedings under Chapter XIV-B.] 3[(4) On receipt of the order under sub-section (3), the Assessing Officer shall proceed to compute the total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection (6) of section 133 5[or section 133A]. 11[(8) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of determination of the arm's length price under sub-section (3), so as to impart greater efficiency, transparency and accountability by- (a) eliminating the interface between the Transfer Pricing Officer and the assessee or any other person to the extent technologically feasible; (b) optimising utilisation of the resources through economies of scale and functional specialisation; (c) introducing a team-based determination of arm's length price with dynamic jurisdiction. (9) The Central Government may, for the purpose of giving effect to the scheme made under sub-section (8) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that the guideline, should not be issued, the guideline shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that guideline.] ------------------------------- Notes:- 1. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002. 2. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 3. Substituted by the Finance Act, 2007, w.e.f. 1-6-2007. Prior to its substitution, sub-section (4) read as under : "(4) On receipt of the order under sub-section (3), the Assessing Officer shall proceed to compute the total income of the assessee under sub-section (4) of section 92C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Substituted vide Section 27 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 before it was read as, "such transaction is an international transaction" 18. Inserted vide Section 21 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 19. Inserted vide Section 21 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 20. Inserted vide Section 21 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 21. Omitted vide Section 21 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2025 before it was read as, "Provided that no direction shall be issued after the 31st day of March, 13[2025]." ..... X X X X Extracts X X X X X X X X Extracts X X X X
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