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DISPUTE RESOLUTION PANEL (DRP)

Income Tax - Return of Income and Assessment Procedure - 34 - MEANING OF DISPUTE RESOLUTION PANEL Dispute Resolution Panel means a collegium comprising of three [Principal Commissioners or] Commissioners of Income-tax constituted by the Board for this purpose; MEANING OF ELIGIBLE ASSESSEE Eligible assessee means:- Any person in whose case the variation referred to in sub-section. Arises as a consequence of the order of the Transfer Pricing Officer passed under sub-section (3) of section 92CA; an .....

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laid down in section 144C. It is not necessary that variations should have been made on account of order of Transfer Pricing Officer. In case of an assessee other than a foreign company: The Assessing Officer is bound to follow the procedure laid down in section 144C only if the variations in total income arises on account of order of Transfer Pricing Officer passed under section 92CA. If there are no additions on account of order of TPO, then Assessing Officer cannot follow the procedure laid i .....

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Assessing Officer. If no objections are received within the above period of 30 days, the Assessing Officer shall complete the assessment on the basis of the draft order. Notwithstanding the time limits for making the assessment/reassessment mentioned in section 153 or section 153B, the Assessing Officer shall complete the assessment on the basis of draft order within 1 month from the end of the month in which: Acceptance of the assessee is received; or Period of 30 days for filing the objection .....

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