THE PRINCIPAL COMMISSIONER OF INCOME TAX 4 MUMBAI V. M/S S.G. ASIA HOLDINGS (INDIA) PVT. LTD

SC- In a case relating to assessment proceedings wherein the respondent was directed to furnish details about the parent company and the rate of brokerage, the Hon’ble SC affirmed the view of the tribunal that the transfer pricing adjustment made by the Assessing Officer was contrary to the mandatory instructions issued by the Central Board of Direct Taxes in its Instruction No.3/2003 dated 20.05.2003 and by not making reference to the TPO, the AO had breached the mandatory instructions issued by the CBDT. It would therefore be upto the authorities and the Commissioner concerned to consider the matter in terms of Sub-Sec. (1) of Sec. 92CA of Income Tax Act, 1961.-Hon'ble Justices Uday Umesh Lalit and Vineet Saran[13-08-2019]
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