CBDT Assigns Transfer Pricing Powers in Delhi to Additional and Joint Commissioners under Income Tax Act Section 120(1)

The Central Board of Direct Taxes, under the authority of Section 120(1) of the Income Tax Act, 1961, has issued Notification No. 49/2014, dated October 17, 2014. This notification assigns specific powers and functions to two officials in New Delhi. An Additional Commissioner of Income-tax is designated to act as Deputy Commissioner of Income-tax (Transfer Pricing Officer)-I-5, while a Joint Commissioner of Income-tax is assigned the role of Deputy Commissioner of Income-tax (Transfer Pricing Officer)-II(5). The notification is effective from its publication date in the Official Gazette.

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