2016 (11) TMI 1383

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.... advocates appearing for the respective parties, the present petition is taken up for final hearing today. 2. By way of this petition under Article 226 of the Constitution of India, the petitioner has prayed for an appropriate writ, order or direction to quash and set aside/cancel the reference made by the Assessing Officer to the Transfer Pricing Officer (for short "TPO"). 3. The main grievance which is voiced in the present petition is that despite the specific instructions issued by the CBDT issued vide Instruction No.3/2016 dated 10th March, 2016, by which, before making a reference to the TPO, the Assessing Officer is required to deal with the objection raised by the petitioner assessee and is required to pass a speaking order. I....

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....and, according to the assessee, the aforesaid transaction does not amount to any transaction with the relative and, therefore, Section 92E shall not be attracted. 7. Having heard the learned advocates for the respective parties and considering the material on record, it is an undisputed fact that no speaking order has been passed by the Assessing Officer while making a reference to the TPO, which is a requirement as per the Instruction No.3/2016 dated 10th March, 2016, issued by the CBDT. Before making a reference to the TPO, the assessee is required to be given an opportunity to showcause why the reference may not be made to the TPO and thereafter a speaking order is required to be passed by the Assessing Officer while making a referenc....