After the Transfer Pricing Officer determines the arm’s length price on a reference under section 166 of the Income-tax Act, 2025, who must compute the assessee’s total income in conformity with…

Section 166(11) of the Income-tax Act, 2025 requires the Assessing Officer, on receiving the Transfer Pricing Officer’s order, to compute the total income in conformity with the arm’s length price so determined. The Transfer Pricing Officer only determines the price; the Principal Commissioner's role is to approve the reference, and the Dispute Resolution Panel deals with objections to a draft order rather than computing income on a reference.