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Reopening of assessment u/s 147 - Tribunal was correct to hold that when reference was made to the TPO by AO for determination of arm’s length price in relation to the international transaction, no assessment proceedings were pending and hence it was invalid reference. The subsequent order passed by the TPO determining the assessment to the international transaction was a nullity in law and void ab initio. AO could not have relied upon an order of the TPO which is a nullity to form a belief that certain income chargeable to tax has escaped the assessment for the relevant Assessment Year. - HC
Reopening of assessment u/s 147 - Tribunal was correct to hold that when reference was made to the TPO by AO for determination of arm’s length price in relation to the international transaction, no assessment proceedings were pending and hence it was invalid reference. The subsequent order passed by the TPO determining the assessment to the international transaction was a nullity in law and void ab initio. AO could not have relied upon an order of the TPO which is a nullity to form a belief that certain income chargeable to tax has escaped the assessment for the relevant Assessment Year. - HC
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