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2022 (7) TMI 1474 - AT - Income TaxValidity of Draft assessment order u/s 144C(1) - time limit of completion of assessment - benefit of India-Cyprus DTAA denied - income of the assessee was subjected to tax @ 20% u/s 115A Assessee stated that there is no variation in the income of the assessee, therefore, AO was not justified in passing draft assessment order u/s 143(3) r.w.s 144C(1) - HELD THAT:- There is no variation in the income returned by the assessee and returned income has been assessed as such. It is also not in dispute that the assessee is an eligible assessee in terms of section 144C(15)(b)(ii) of the Act, but then, there is no change in the figure of income returned by the assessee vis a vis income assessed by the Assessing Officer. As pointed out by the ld. DR, Finance Bill 2020 proposes to make issuance of draft assessment order in the case of eligible assessees mandatory even when there is no variation in income or loss returned by the assessee but this amendment may take effect from 01.04.2020. We hold the assessment order to be time barred and since the assessment order itself has been held to be time barred, all the issues raised by the Revenue in its appeals which deal with the merits of stand taken by the Assessing Officer in the assessment order become academic and infructuous and require no separate adjudication.
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