Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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