NDLI: The Principal Commissioner of Income Tax-4, Mumbai Vs. M/s. S.g. Asia Holdings

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Income Tax Act reference to Transfer Pricing Officer 1961 s.92 Transfer Pricing Adjustment
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Income Tax Act, 1961 (43 of 1961)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Income Tax Act, 1961: s.92 – Transfer Pricing Adjustment – Respondent received certain amount of brokerage from its parent company – During the assessment proceedings, respondent was directed to furnish details about the parent company and the rate of brokerage that was charged – According to the Assessing Officer, the brokerage charged by the respondent was only 0.05% which was found to be at a lower rate as compared to the prevalent rates in market – Assessing Officer, therefore, while computing the assessment made an addition of Rs.2,89,82,746/- under s.92 of the Act – Appellate Authority confirmed the addition made by the Assessing Officer – Tribunal set aside the findings rendered by the first two authorities and held that Transfer Pricing Adjustment made by the Assessing Officer was contrary to the mandatory instructions issued by CBDT in its Instruction No.3/2003 dated 20.05.2003 – The view so taken by the Tribunal was affirmed by the High Court – On appeal, held: In view of the guidelines issued by the CBDT in Instruction No.3/2003 the Tribunal was right in observing that by not making reference to the Transfer Pricing Officer (TPO), the Assessing Officer had breached the mandatory instructions issued by the CBDT – Matter remitted to the Assessing Officer for making appropriate reference to the TPO – CBDT’s Instruction No.3/2003.
Judge	Honble Mr. Justice Uday Umesh Lalit
Neutral Citation	2019 INSC 898
Petitioner	The Principal Commissioner Of Income Tax-4, Mumbai
Respondent	M/s. S.g. Asia Holdings
SCR	[2019] 10 S.C.R. 133
Judgement Date	2019-08-13
Case Number	6144

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