Juridical seat versus arbitral venue determines supervisory court jurisdiction, while timely award challenges remain within the prescribed limitation ...
The HC held that where the TPO's determination implementing the Tribunal's directions results in a variation in the Arm's Length Price (ALP), the Assessing Officer (AO) is statutorily obliged to issue a draft assessment order under s.144C(1) read with s.92CA(3). The Court rejected Revenue's contention that mere implementation of Tribunal directions without an independent finding absolves the AO from issuing a draft order, finding that the Tribunal left ALP determination to the TPO's discretion and that such variation triggers the mandatory draft-order procedure. Consequently the assessment rendered without issuance of the s.144C draft assessment order was unsustainable.
The HC held that where the TPO's determination implementing the Tribunal's directions results in a variation in the Arm's Length Price (ALP), the Assessing Officer (AO) is statutorily obliged to issue a draft assessment order under s.144C(1) read with s.92CA(3). The Court rejected Revenue's contention that mere implementation of Tribunal directions without an independent finding absolves the AO from issuing a draft order, finding that the Tribunal left ALP determination to the TPO's discretion and that such variation triggers the mandatory draft-order procedure. Consequently the assessment rendered without issuance of the s.144C draft assessment order was unsustainable.
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