Transfer pricing draft order

Tax queries 440 views 2 replies

Pragnesh P Thakkar

Account Officer

56 Points Joined May 2010

Hi,

I have received one Tranfer pricing draft order and i want to know that should i go with Disput resolution penal or CIT appeal.

I came to know that DRP is located bombay. My current location is ahmedabad.

can you please give opinion for this?

Replies (2)

Saurabh Maheshwari

B.com ACA

5923 Points Joined December 2011

On receipt of the draft order, the eligible assessee shall, within thirty days of the receipt by him of the draft order,—

(a) file his acceptance of the variations to the Assessing Officer; or

(b) file his objections, if any, to such variation with,—

(i) the Dispute Resolution Panel; and

(ii) the Assessing Officer.

In case the assessee files his objection , then DRP shall issue instructions to AO to complete assessment , so if the variations are endorsed in final order in pursuance of instructions of DRP , then assessee can file appeal with ITAT straight away u/s 254 of IT Act,1961.

MEHUL SHAH

Auditing Taxation XBRL Training

440 Points Joined June 2008

I am a Chartered Accountant practising in Ahmedabad and Surat and considering the scenario in Gujarat and experience with DRP, I would suggest you to go with CIT (A) if the case involves issues of fact and relief is expected in First appeal based on facts of the case. If u wish , you can mail me the scanned copy on mehul @ raseshca.com