Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT determined the assessment order under s.153C r/w s.143(3) for AY 2016-17 was barred by limitation. The order dated 21.04.2021 exceeded the statutory deadline of 31.12.2020 by 111 days. Following the legal maxim 'Expressio unius est exclusion alteris', when statute prescribes a specific timeframe, compliance is mandatory and no alternative method is permissible. The assessment should have been completed within prescribed 9 months or 21 months period, whichever is later, per s.153B. Since AO failed to pass the order within statutory limitation period, the assessment was quashed and appellant's appeal was allowed on grounds of time-barred proceedings.
ITAT determined the assessment order under s.153C r/w s.143(3) for AY 2016-17 was barred by limitation. The order dated 21.04.2021 exceeded the statutory deadline of 31.12.2020 by 111 days. Following the legal maxim 'Expressio unius est exclusion alteris', when statute prescribes a specific timeframe, compliance is mandatory and no alternative method is permissible. The assessment should have been completed within prescribed 9 months or 21 months period, whichever is later, per s.153B. Since AO failed to pass the order within statutory limitation period, the assessment was quashed and appellant's appeal was allowed on grounds of time-barred proceedings.
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