S. G. Asia Holdings (INDIA), Pvt. Ltd. v. The Principal Commissioner of Income-tax-4, Mumbai
[Citation -2020-LL-0123-12]
| Citation | 2020-LL-0123-12 |
|---|---|
| Appellant Name | S. G. Asia Holdings (INDIA), Pvt. Ltd. |
| Respondent Name | The Principal Commissioner of Income-tax-4, Mumbai |
| Court | SUPREME COURT |
| Relevant Act | Income-tax |
| Date of Order | 23/01/2020 |
| Judgment | View Judgment |
| Keyword Tags | tax effect |
| Bot Summary: | The arguments in the matter were heard on 05.08.2019 on which date leave was granted and judgment was reserved. 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 TPO, the Assessing Officer had breached the mandatory instructions issued by the CBDT. We do not find the conclusion so arrived at by the Tribunal to be incorrect. The Tribunal ought to have accepted the submission made by the Departmental Representative as quoted in para 16.2 of its order and the matter ought to have been restored to the file of the Assessing Officer so that appropriate reference could be made to the TPO. It would therefore be upto the authorities and the Commissioner concerned to consider the matter in terms Signature Not Verified of Sub-Section of Section 92CA of the Act. We allow this Appeal to the aforesaid Reason: extent and direct that it would now be upto the Assessing Officer to take appropriate steps in terms of Instruction No.3/2003. 2 In this Review Petition it is urged that in view of Circular dated 08.08.2019, benefit ought to be extended in favour of the Review Petitioner as the tax effect in the matter is stated to be less than the limit prescribed in the Circular dated 08.08.2019. Since the matter has been restored to the file of the Assessing Officer so that appropriate reference could be made to the Transfer Pricing Officer, at this stage the benefit of the aforesaid circular dated 08.08.2019 cannot be extended. Pending application(s), if any, shall stand disposed of. |