2012 (4) TMI 173

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....filed its return for impugned assessment year on 29.11.2006. There being some international transactions exceeding the limit prescribed, there was a reference to Transfer Pricing Officer for determination of arms length price. During the course of proceedings, the Transfer Pricing Officer issued a letter on 25.11.2008 requiring the assessee to furnish information as required under Section 92D and 92E of the Act, on or before 24.12.2008. However, as per the TPO, assessee did not comply with the said letter nor did it seek any adjournment. Thereafter, the TPO issued a letter on 30.12.2008 whereby assessee was informed the penal provisions for failure to produce records called upon by the TPO. As per the TPO, assessee filed only part of the do....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....correct. Assessee also submitted that the notice issued by the TPO was not one under Section 92D(3) of the Act and letter of the TPO dated 25.11.2008 was only a notice issued under Section 92CA(3) of the Act. Reliance was also placed by the assessee on the decision of Delhi Bench of the Tribunal in the case of Cargill India (P.) Ltd. v. Dy. CIT [2008] 110 ITD 616/167 Taxman 114 (Delhi) (Mag.) Ld. CIT(Appeals) was appreciative of these contentions. According to him, TPO 's letter dated 25.11.2008 did not mention that it was issued under Section 92D(3) of the Act. Ld. CIT(Appeals) also noted that the TPO in his transfer pricing order had also mentioned that notice under Section 92CA of the Act was issued to the assessee on 25.11.2008 and this....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e has been referred to me u/s.92CA by your Assessing Officer. In this connection, you are requested to furnish certain information in terms of Section 92D and 92E of the Act, as given in the enclosed questionnaire. These details may please be furnished to this office by 24th December, 2008. You are also requested to send the copies of Annual Reports for the last 3 years and also the copy of computation of total income. Sd/- (A.S. BINDHU) Joint Commissioner of Income Tax Transfer Pricing Officer -III (i/c) Chennai. Encl: Questionnaire." The questionnaire mentioned was enclosed as an annexure to the above letter and such questionnaire required the assessee to produce records justifying the method adopted by the assessee for determinati....