TPO To Mandatorily Pass Order Determining Arm's Length Pricing Within 60 Days: Madras High Court
2 years, 8 months ago

TPO To Mandatorily Pass Order Determining Arm's Length Pricing Within 60 Days: Madras High Court

Live Law  

The Madras High Court bench of Justice R.Mahadevan and Justice J.Sathya Narayan Prasad has held that the transfer pricing officer must mandatorily pass the order determining arm's length pricing within 60 days. The Deputy Commissioner of Income Tax passed the order under Section 92CA of the Income Tax Act, which, according to the assessee, was passed, after the time limit prescribed for passing orders until 31.10.2019. The department contended that where there was no reference made to a transfer pricing officer, the time limit for completion of the assessment is 21 months from the end of the assessment year, as contemplated under Section 153 of the Income Tax Act, and in that event, the last date for passing an order of assessment in this case will be 31.12.2018. As per Section 92CA, a Transfer Pricing Order has to be passed 60 days prior to the date on which the time limit provided under Section 153 of the Act expires.

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History of this topic

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4 months, 3 weeks ago

Direct Tax Weekly Round-Up: 21 To 27 July 2024

Live Law  

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7 months ago

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Live Law  

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2 years, 6 months ago

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Live Law  

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