State the consequences that would follow if the Assessing Officer makes adjustment to the arm's length price in international transactions of the assessee resulting in increase in taxable income. What are the remedies av

In case the Assessing Officer makes adjustment to Arm's Length Price in an international transaction which result in increase in taxable income of the assessee, the following consequences shall follow: No deduction under section 10AA or Chapter VI-A shall be allowed from the income so increased. No corresponding adjustment would be made to the total income of the other associated enterprise (in respect of payment made by the assessee from whom tax has been deducted or is deductible at source) on account of increase in the total income of the assessee on the basis of the arm's length price so recomputed. The remedies available to the assessee to dispute such an adjustment are: In case the assessee is an eligible assessee under 144C, he can file his objections to the variation made in the income within 30 days [of the receipt of draft order by him] to the Dispute Resolution Panel and Assessing Officer. Appeal against the order of the Dispute Resolution Panel can be made to the Income-tax Appellate Tribunal. In any other case, he can file an appeal under section 246A to the commissioner (Appeals) against the order of the Assessing Officer within 30 days of the date of service of notice of demand. The assessee can opt to file an application to the Commissioner of Income-tax for revision under section 264 of the order of the Assessing Officer.