Indian court says assessing officer cannot make further adjustments
November 04, 2009
Samir Gandhi and Manisha Gupta of Deloitte India explain the importance of recent controversy for taxpayers dealing with issues involving section 40A of the 1961 Income Tax Act.
The Delhi Income Tax Appellate Tribunal (ITAT) in the case of Oracle India Pvt Limited (Assessee) vs ACIT (2009 TIOL 540) (Delhi) has held that the transfer pricing provisions would override section 40A of the 1961 Income Tax Act and ruled in favour of the taxpayer that if the transfer pricing officer (TPO) accepts the pricing, the assessing officer (AO) cannot make any further adjustment.
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