Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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