S. 92CA : Transfer pricing-Reference to Transfer Pricing Officer-Arm’s Length price-Avoidance of tax-Order of Transfer Pricing Officer-Limitation-Period of sixty days to be counted from day prior to date on which period of limitation for assessment expires-Order barred by imitation by one day-Order non est-Assessee ceases to be eligible assessee-Draft assessment order and assessment order void ab initio.[S. 144C, 153]

S. 92CA : Transfer pricing-Reference to Transfer Pricing Officer-Arm’s Length price-Avoidance of tax-Survey-Notices issued to assessee calling for evidence and explanation with respect to Transfer Pricing Adjustment Proposed By Transfer Pricing Officer-Failure to furnish details bbefore Assessing Officer-Failure by Assessee to comply with notices issued in spite of several opportunities-Opportunity may be provided to assessee to present its case before Assessing Officer-Assessee to pay cost Rs. 25,000 in each appeal. [S. 92CA (3), 133A, 142(1), 144C]

S. 92CA : Reference to Transfer Pricing Officer-Arm’s Length Price-Payment to associated enterprise for services rendered-TPO cannot question necessity of expenses occurred-Assessee liable to prove that actual services rendered-Assessee failed to prove-no evidence or documentation or agreement between assessee and associated enterprise-No infirmity in the order of TPO-Arm’s length price-Nil.[S.92C]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-AO drawing an adverse inference without providing an opportunity to explain the working of allocation is in violation of principals of natural justice. [S. 144C]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Payment made to non-resident for maintenance of a project under a service agreement-recomputation of Arm’s length price-held, claim by the assessee genuine as no such computation was done for previous years.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-When assessee was able to prove the difference in price was due to quality of products sold, no transfer pricing adjustment was warranted.[S. 92CA]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Prices of comparable products on their respective invoice/shipment date as considered in customs valuation would yield a more reliable result in absence of any differences arising out of contract terms and product quality.[S.92CA]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Adhoc addition made by the Transfer Pricing Officer on account of ‘Price Penetration Adjustment’ by the assessee, treating the same as income is without jurisdiction.[S. 92, 92CA]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-(i) Insurance claim and foreign exchange fluctuation gain related to raw material consumed by assessee in operation of business is to be added to operating revenue of assessee to arrive at ALP of international transaction. (ii) Adjustment of PLI of comparables should be made at transaction level and not entity level. [S.92CA]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-No further adjustment required of interest on outstanding receivables where working capital adjustment takes the same into account while benchmarking the main international transaction.