Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
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The High Court held that the limitation period prescribed in Section 153(3) of the Income Tax Act for issuing a fresh assessment order pursuant to an order u/s 254 (by the Appellate Tribunal) must be strictly construed. The Assessing Officer failed to comply with the Tribunal's remand order within the stipulated six-month period, and the statutory limitation period of nine months from the end of the financial year in which the Tribunal's order was received also expired. Passing a fresh assessment order beyond the statutorily prescribed limitation period is impermissible. Consequently, the impugned assessment order and notices were set aside, and the income returned by the assessee was accepted. The excess tax paid for the relevant assessment year must be refunded to the assessee.
The High Court held that the limitation period prescribed in Section 153(3) of the Income Tax Act for issuing a fresh assessment order pursuant to an order u/s 254 (by the Appellate Tribunal) must be strictly construed. The Assessing Officer failed to comply with the Tribunal's remand order within the stipulated six-month period, and the statutory limitation period of nine months from the end of the financial year in which the Tribunal's order was received also expired. Passing a fresh assessment order beyond the statutorily prescribed limitation period is impermissible. Consequently, the impugned assessment order and notices were set aside, and the income returned by the assessee was accepted. The excess tax paid for the relevant assessment year must be refunded to the assessee.
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