ECONOMICS

Detailed explanation-1: –Transfer pricing proceedings conducted by the TPO and passing of the TP order.-If no intimation is received within 30 days by the Assessee, the AO would issue the Final Assessment Order.

Detailed explanation-2: -The Tribunal held that from the perusal of section 92CA(3A), it can be seen that the TPO can pass an order at any time before 60 days prior to the due date under section 153 for passing the assessment order.

Detailed explanation-3: -If return has been furnished under section 139(8A), the order of assessment shall be passed within 9 months from the end of financial year in which such return was furnished. Note: If reference is made to TPO, the period available for reassessment shall be extended by 12 months.

Detailed explanation-4: -The transfer pricing documentation shall be required if the value of international transactions exceeds INR 1 crore and specified domestic transactions exceed INR 20 crore in a financial year.