Calcutta HC says transfer Pricing Order Must Give Reasons and Record a Fair Hearing

Bangladesh Steel Re-Rolling Mills challenged a transfer pricing order on the ground that it had not been heard. Although the Revenue produced a report indicating participation by the taxpayer's authorised representative and filing of written submissions, the Court found the impugned order lacked reasons and did not adequately reflect the taxpayer's contentions. The order was set aside for fresh, reasoned consideration.