Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 588 - AT - Income TaxValidity of assessment passed u/s 144C - Period of limitation - Reference to TPO under section 92CA was made beyond permissible period as prescribed u/s 153(1) - HELD THAT:- In this case, admittedly, the learned Transfer Pricing Officer has passed the order u/s 92CA(3) of the Act on 1st November, 2019. Therefore, the order passed by the TPO is beyond the time limit prescribed u/s 92CA(3A) i.e. delayed by one day. Therefore, the order of the TPO is illegal as it is barred by limitation. Thus, in the case of the assessee there is no variation as a consequence of transfer pricing order. The assessee is also a resident company. Therefore, according to section 144C(15)(b) of the Act, assessee is not an ‘eligible assessee’ and therefore, extended the time limit of 12 months as prescribed u/s 153(4) of the Act is also not available to the learned Assessing Officer. Therefore, the assessment order should have been passed on or before 31st December, 2018, which is passed on 29th April, 2021, hence, final assessment order passed is barred by limitation and hence, quashed. See cases Virtusa Consultancy Pvt. Ltd.[2022 (7) TMI 497 - MADRAS HIGH COURT] and Atos India Pvt. Ltd. [2023 (2) TMI 1112 - ITAT MUMBAI] - Additional ground raised by the assessee is allowed.
|