https://www.taxtmi.com/caselaws?id=412774 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in invoking jurisdiction under section 263 to direct the Assessing Officer (AO) to refer the matter to the Transfer Pricing Officer (TPO) in a case involving a mismatch in payments to related persons. The Tribunal found that the AO had properly considered explanations for discrepancies in sales turnover and transfer pricing risk parameters, determining that the AO's order was not erroneous or prejudicial to revenue interests. Consequently, the Tribunal quashed the PCIT's revisionary order under section 263, allowing the appeal of the assessee. en-us Wed, 15 Sep 2021 00:00:00 +0530 Mon, 27 Sep 2021 07:55:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412774 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in invoking jurisdiction under section 263 to direct the Assessing Officer (AO) to refer the matter to the Transfer Pricing Officer (TPO) in a case involving a mismatch in payments to related persons. The Tribunal found that the AO had properly considered explanations for discrepancies in sales turnover and transfer pricing risk parameters, determining that the AO's order was not erroneous or prejudicial to revenue interests. Consequently, the Tribunal quashed the PCIT's revisionary order under section 263, allowing the appeal of the assessee. Case-Laws Income Tax Wed, 15 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412774