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of <h1>Assessing Officer can refer arm's length price computation to TPO with prior approval; TPO hears assessee, issues orders</h1> Where an assessee has entered into an international or specified domestic transaction, the Assessing Officer may, with prior approval, refer computation of the arm's length price to a Transfer Pricing Officer (TPO). The TPO may summon evidence, determine the arm's length price after hearing the assessee, and issue a written order to the Assessing Officer and assessee; the TPO may amend orders to rectify apparent mistakes and exercise specified inquiry powers. An ALP determination can, on prescribed option and TPO validation, apply to two succeeding years; timelines, procedural schemes, guideline-making and parliamentary laying requirements are provided, and 'TPO' is defined administratively.
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