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2021 (3) TMI 1419 - AT - Income TaxAssessment u/s 144C - time limit prescribed for competing of assessment proceedings u/s 153 - no draft assessment order could have been issued in this case - HELD THAT:- There is no dispute that if there would not have draft assessment order, the assessment would have been time barred as on 31.12.2016, the present assessment order dated 16.10.2017. Once, we hold that no draft assessment order would have been issued in this case as the provisions of Section 144C(1) of the Act could not have been invoked in this case. The time limit for completion assessment was available only to 31.12.2016, hence, we are of the view that the issuance of draft assessment order cannot end up increasing the time limit for completion of the assessment under section 143(3) of the Act. This issue has been adjudicated by the co-ordinate bench of this Tribunal in the case of IPF India Property Cyprus (No.1) Ltd.[2020 (2) TMI 1500 - ITAT MUMBAI] We noted that in the present case neither the learned Sr. DR nor the assessee has disputed the fact and there is proposed variation in the income or losses reported by the assessee to the Income Tax Authorities. The matter before the Assessing Officer was only with respect to the rate of tax chargeable by the assessee and actually there is no variation in income or losses - we allow this additional ground of the assessee and hold that the assessment framed by Assessing Officer is time barred and hence quashed.
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