Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
The Transfer Pricing Officer's order was held invalid as it was issued beyond the time limit prescribed u/s 92CA(3A) of the Act read with Section 153. The ITAT ruled that the limitation period prescribed u/s 92CA(3A) is mandatory, and the TPO has no authority to breach this statutory provision by passing an order after the expiry of the prescribed time, which is 60 days prior to the due date for completion of assessment u/s 153. The word 'may' used in Section 92CA(3A) should be construed as 'shall' to prevent the TPO from allowing more time to pass the transfer pricing order, thereby violating the time limit for completion of assessment by the Assessing Officer u/s 153 read with Section 92CA(3). Consequently, the Assessing Officer was not available with the extended period of limitation for passing the assessment order u/s 153(4). The case was decided in favor of the assessee.
The Transfer Pricing Officer's order was held invalid as it was issued beyond the time limit prescribed u/s 92CA(3A) of the Act read with Section 153. The ITAT ruled that the limitation period prescribed u/s 92CA(3A) is mandatory, and the TPO has no authority to breach this statutory provision by passing an order after the expiry of the prescribed time, which is 60 days prior to the due date for completion of assessment u/s 153. The word 'may' used in Section 92CA(3A) should be construed as 'shall' to prevent the TPO from allowing more time to pass the transfer pricing order, thereby violating the time limit for completion of assessment by the Assessing Officer u/s 153 read with Section 92CA(3). Consequently, the Assessing Officer was not available with the extended period of limitation for passing the assessment order u/s 153(4). The case was decided in favor of the assessee.
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