Revision under section 263 cannot reach a Transfer Pricing Officer's order, and a conforming assessment remains protected.

The Tribunal reiterated that the Commissioner cannot invoke revisionary jurisdiction under section 263 over a Transfer Pricing Officer's order passed under section 92CA(3), because there is no administrative control over the Transfer Pricing Officer. An assessment framed in conformity with the transfer pricing determination is bound by section 92CA(4) and cannot be reopened on the ground that the underlying transfer pricing order is allegedly erroneous or prejudicial to the Revenue. On that basis, the revisionary order was found to be without jurisdiction and was cancelled.

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Issues: Whether the Commissioner could exercise revisionary jurisdiction under section 263 of the Income-tax Act, 1961 over the Transfer Pricing Officer's order under section 92CA(3), and consequently set aside the assessment framed in conformity with that order.

Analysis: The Tribunal followed its earlier view that the Commissioner has no administrative jurisdiction over the Transfer Pricing Officer and therefore cannot revise an order passed under section 92CA(3). The assessment order, having been made in conformity with the Transfer Pricing Officer's determination, was bound by section 92CA(4), and could not be set aside on the premise that the underlying transfer pricing order was erroneous or prejudicial to the interests of the Revenue.

Conclusion: The revisionary order was without jurisdiction and was cancelled; the assessee succeeded on this issue.

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