9911796707
TMI BlogReference to Transfer Pricing OfficerX X X X Extracts X X X X X X X X Extracts X X X X ..... (1), the Transfer Pricing Officer shall serve a notice on the assessee requiring him to produce or cause to be produced on a date to be specified therein, any evidence on which the assessee may rely in support of the computation made by him of the arm's length price in relation to the 6 [ international transaction or specified domestic transaction ] referred to in sub-section (1). 4 [(2A) Where 14 [ any other international transaction or specified domestic transaction [other than an international transaction or a specified domestic transaction ] referred under sub-section (1)], comes to the notice of the Transfer Pricing Officer during the course of the proceedings before him, the provisions of this Chapter shall apply as 15 [ if such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determine the arm's length price in relation to the 6 [ international transaction or specified domestic transaction ] in accordance with sub-section (3) of section 92C and send a copy of his order to the Assessing Officer and to the assessee. 2 [(3A) Where a reference was made under sub-section (1) before the 1st day of June, 2007 but the order under sub-section (3) has not been made by the Transfer Pricing Officer before the said date, or a reference under sub-section (1) is made on or after the 1st day of June, 2007, an order under sub-section (3) may be made at any time before sixty days prior to the date on which the period of limitation referred to in section 153, or as the case may be, in section 153B for making the order of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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), by notification in the Official Gazette ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action 7. Inserted vide Finance Act, 2012, w.e.f. 01-04-2002, 8. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012, 9. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 10. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 11. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-11-2020 12. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as 2022 13. Substituted vide THE FINANCE ACT, 2024 dated 15-02-2024 w.e.f. 01-04-2024 before it was read as, 12 [ 2024 ] 14. 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, any other international t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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