Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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