Without reference assumption of jurisdiction by Transfer Pricing Officer in working out arm’s length price not justified

Glaxo Smithkline Consumer Vs Addl. CIT (ITAT Chandigarh); ITA No. 1238/Chd/2010, Dated- 25.01.2012 In view of the relevant provisions of the Act, the Assessing Officer has to determine whether the transaction involved is an international transaction and he may either determine the arm’s length price of the said transaction on its own or where necessary, subject to approval of the Commissioner, refer the same to the Transfer Pricing Officer (TPO). The reference to the TPO under Section 92CA(1) of the Act was transaction specific and not entity based. The Tribunal placing reliance on CBDT ...