https://www.taxtmi.com/caselaws?id=413737 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, finding the Assessing Officer's failure to consider the Transfer Pricing Officer's report rendered the assessment order erroneous. The Tribunal determined that the Assessing Officer's inquiry was inadequate, not waiting for the TPO's report and failing to demonstrate arm's length nature in international transactions. Consequently, the Tribunal supported the upward adjustment to the Arm's Length Price of international transactions, dismissing the appeal and affirming the revision of the assessment order. en-us Mon, 11 Oct 2021 00:00:00 +0530 Tue, 19 Oct 2021 08:23:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413737 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, finding the Assessing Officer's failure to consider the Transfer Pricing Officer's report rendered the assessment order erroneous. The Tribunal determined that the Assessing Officer's inquiry was inadequate, not waiting for the TPO's report and failing to demonstrate arm's length nature in international transactions. Consequently, the Tribunal supported the upward adjustment to the Arm's Length Price of international transactions, dismissing the appeal and affirming the revision of the assessment order. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413737