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The High Court held that the acquisition of the trademark 'FABINDIA' during the financial year 2006-07 could not be treated as an international transaction within the meaning of Section 92B of the Income Tax Act for the assessment year 2011-12. The transaction to purchase an asset is a singular transaction, and if it is an international transaction, the arm's length price determination is required in the assessment year relevant to the previous year in which the transaction was entered into. The Income Tax Appellate Tribunal's direction to the Assessing Officer was to examine the admissibility and quantum of depreciation allowable on the trademark, not to make a reference to the Transfer Pricing Officer. Since no international transaction was entered into in the relevant year, the reference made by the Assessing Officer to the Transfer Pricing Officer was without jurisdiction, and the impugned order was set aside by the High Court.
The High Court held that the acquisition of the trademark 'FABINDIA' during the financial year 2006-07 could not be treated as an international transaction within the meaning of Section 92B of the Income Tax Act for the assessment year 2011-12. The transaction to purchase an asset is a singular transaction, and if it is an international transaction, the arm's length price determination is required in the assessment year relevant to the previous year in which the transaction was entered into. The Income Tax Appellate Tribunal's direction to the Assessing Officer was to examine the admissibility and quantum of depreciation allowable on the trademark, not to make a reference to the Transfer Pricing Officer. Since no international transaction was entered into in the relevant year, the reference made by the Assessing Officer to the Transfer Pricing Officer was without jurisdiction, and the impugned order was set aside by the High Court.
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