Transfer pricing reference challenge fails as writ interference was declined and the notice remained undisturbed.

A challenge to a transfer pricing notice and the Assessing Officer's reference turned on whether the transaction, on its face, was not an international transaction and whether the Assessing Officer had formed the requisite opinion on material before making the reference. The Court noted the Revenue's position that the statutory scheme permits a reference where the Assessing Officer considers it necessary or expedient, and that the material could indicate an associated enterprise relationship and an international transaction. It declined to interfere in writ jurisdiction under Article 226 and left the notice and reference undisturbed.

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Issues: Whether the notice issued by the Transfer Pricing Officer and the reference made by the Assessing Officer warranted interference in writ jurisdiction on the ground that the transaction did not, on its face, constitute an international transaction.

Analysis: The Court noted the challenge to the notice issued under the transfer pricing provisions and the contention that the Assessing Officer must first form the requisite opinion on material before making a reference. It also noted the Revenue's submission that the statutory scheme permits reference where the Assessing Officer considers it necessary or expedient, and that the materials could indicate an associated enterprise relationship and an international transaction.

Conclusion: The Court declined to interfere under Article 226 of the Constitution of India and left the notice and reference undisturbed.

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