TMI Blog2023 (8) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, quashe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce was made on 1st October, 2019. Based on this, the Asst. Commissioner of Income Tax, Transfer Pricing Officer, 3(2)(1), Mumbai (the learned Transfer Pricing Officer) passed an order under Section 92CA(3) of the Act on 1st November, 2019, wherein the total adjustment to the Arms Length Price was proposed to ₹32,06,92,286/-. The learned Assessing Officer passed draft assessment order under Section 143(3) read with section 144C (1) of the Act on 28th December, 2019, wherein the total income of the assessee was proposed to be assessed at ₹3,135,08,560/-, wherein the adjustment on account of Arm s Length Price of international transaction was also included. Against the draft Assessment order, assessee preferred the objection befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly jurisdictional, legal and goes to the root of the matter. Therefore, same should be admitted. 05. The learned Departmental Representative vehemently opposed and submitted that assessee has not raised this additional ground before the lower authorities and therefore, assessee should not be allowed to raise the same at this point. 06. We have carefully considered the rival contentions and perused the orders of the lower authorities. We have also considered the application for admission of the additional ground raised by the assessee. By this ground of appeal assessee challenges the validity of the assessment order stating that assessment order passed by the learned Assessing Officer is beyond the time limit prescribed u/s 153 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, verified the dates for the orders of lower authorities and also perused the judicial precedents cited before us. We find that for A.Y. 2016-17, the due date for passing final assessment order is 31st December, 2018, being 21 months time from the end of the assessment year under Section 153(1) of the Act. If valid reference to the transfer pricing officer is made, further 12 months time is available in terms of provision of 153(4) of the Act. According to the provisions of Section 92CA(3A) of the Act, the transfer pricing officer has to pass an order under Section 92CA(3) of the Act, before 60 days prior to the date on which the period of limitation under Section 153 expires. Accordingly, the due date for passing of the order of assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
