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2017 (6) TMI 401 - AT - Income TaxTransfer pricing adjustment - order passed by the TPO u/s 92CA(3)making upward adjustment to the international transactions - period of limitation - Held that:- The provisions of section 153(2) of the Act lays down the time limit for re-assessment and it is provided that where the notice under section 148 of the Act is served on or after 1st day of April, 2005 but before the 1st day of April, 2011, then for completing the assessment or re-assessment or re-computation under section 147 of the Act, the period is nine months from the end of financial year in which notice under section 148 of the Act was issued. Where the notice under section 148 of the Act was served upon the assessee on 24.01.2011, therefore, the period of nine months would expire by 31.12.2011. The assessment in the case has been completed on 29.02.2012 vide order passed under section 144 r.w.s. 148 of the Act. The CIT(A) has correctly quashed the re-assessment proceedings and held the assessment order to be invalid. - Decided against revenue
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