Allowing the petition the Court held that in specified domestic transactions Transfer Pricing Officer has no jurisdiction unless specific reference is made to him by Assessing Officer. Accordingly the order of the Transfer Pricing Officer was quashed in so far as it recommended an adjustment of the arm’s length price towards payment of creditors in the demerger process of a sum of Rs. 57.54 crores. Court also held that it can consider issue of jurisdiction though alternative remedy is available.  However in  respect of the adjustment made by the Transfer Pricing Officer towards payment of subscription fees, even though the assessee may have certain arguable points, that by itself, would not enable the High Court to bypass the entire statutory scheme of assessment, appeal and revision. The order dealing with the balance after deducting Rs. 57.54 crores would not be interfered with. (AY. 2015-16) (WP. No 3386 of 2018 dt. 15-03-2019)