2014 (8) TMI 1016

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....DVOCATES For The Respondent JUDGEMENT the revenue has preferred these appeals challenging the order passed by the Tribunal which has set aside the order passed by the Appellate Commissioner under Section 263 of the Income Tax Act (hereinafter referred to as 'the Act'). 2. The assessee in ITA No. 842/2008 filed its return of income for the assessment year 2002-03 on 31st October, 2002. The same ....

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....t April, 2004 requesting the Assessing Authority to treat the ret urn filed on 31-10-2002 as return in compliance with the notice under Section 148 of the Act. In fact the Transfer Pricing Officer on 20.1.2005 passed an order under Section 92CA of the Act accepting the pricing of the Assessing Authority. However, the Commissioner of Income Tax invoking his power under Section 263 of the Act initia....

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....is clear that on the day the reference was made by the Assessing Authority to the Transfer Pricing Authority, there was no return pending for consideration by him and therefore, the very reference was bad. Even otherwise, the said Transfer Pricing Authority did not find fault with the adjudication of determining arm s length price by the Assessing Authority. In those circumstances, the Commissione....