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of <h1>Assessing Officer Can Refer Arm's Length Price Computation to Transfer Pricing Officer Under Sections 134 or 140</h1> The Assessing Officer, with the Commissioner's approval, can refer the computation of an arm's length price for an international transaction to the Transfer Pricing Officer. The Transfer Pricing Officer may require the assessee to provide evidence or documentation to support their computation. The officer determines the arm's length price based on the provided evidence and other materials, allowing the assessee an opportunity to be heard. If the assessee fails to cooperate, the officer can make a judgment-based determination. The determination must be reported within forty-two months from the transaction's financial year-end, and the officer can use powers specified in sections 134 or 140.
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