2026 (4) TMI 55

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....ction 92CA(1); and the show cause notice dated 14th January 2026 issued by Respondent No. 1. 2. By the impugned Order dated 28th January 2026, Respondent No. 1 rejected the objections of the Assessee to make a reference to the Transfer Pricing Officer (TPO) and recorded that a reference under Section 92CA is being made to the TPO after obtaining due approval of the CIT (IT/TP), Pune. The Assessment Year in question is A.Y. 2024-25. 3. Several grounds of challenge have been raised in the above Writ Petition. However, the main ground is that before invoking Chapter X of the Income Tax Act, 1961, (Transfer Pricing Provisions), existence of income arising from an international transaction that is chargeable to tax in India has to be first....

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....d which income thereafter has to be computed having regard to the arms length price. If one has to go by the DTAA, no income chargeable to tax under the I.T. Act arises in the present case for the Transfer Pricing Provisions to be triggered, is the argument of the Petitioner. 6. To support the aforesaid proposition, Mr. Mistri relied upon the decision of this Court in Vodafone India Services Pvt. Ltd. vs. Union of India and Others [369 ITR 511], and more particularly paragraph 8 thereof. Mr. Mistri submitted that in this decision this Court has clearly taken the view that the sine qua non for triggering the Transfer Policy Provisions [Chapter X] would be that income arising under the Act is out of international transactions, and further,....