AO cannot make Transfer Pricing adjustment unless recommended by TPO

IN THE ITAT CHENNAI BENCH ‘A’ Assistant Commissioner of Income-tax Versus Handy Waterbase India (P.) Ltd. IT APPEAL NO. 1429 (MDs.) OF 2012 C.O. NO. 147 (MDs.) OF 2012 [ASSESSMENT YEAR 2007-08] SEPTEMBER 18, 2012 ORDER Abraham P. George, Accountant Member – These are appeal and cross-objection of the Revenue and assessee respectively, against an order dated 15.3.2012 of Commissioner of Income Tax (Appeals)-XII, Chennai, for the impugned assessment year. 2. Appeal of the Revenue is taken up first for disposal. 3. Sole grievance raised by the Revenue is that CI...