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...
The HC held that s.144C(13) is mandatory and the AO was bound to complete assessment in strict conformity with the DRP's directions within one month from the end of the month in which such directions were received. The AO's failure to do so rendered the proceedings in respect of the transfer-pricing addition time-barred; the transfer-pricing adjustment is therefore declared non est. The Respondent is directed to recompute the Applicant's total income for AY 2011-12 excluding the transfer-pricing adjustment and to refund any resultant amount with statutory interest within eight weeks from the date of uploading the order. The AO had no discretion to extend or deviate from the statutory timeline.
The HC held that s.144C(13) is mandatory and the AO was bound to complete assessment in strict conformity with the DRP's directions within one month from the end of the month in which such directions were received. The AO's failure to do so rendered the proceedings in respect of the transfer-pricing addition time-barred; the transfer-pricing adjustment is therefore declared non est. The Respondent is directed to recompute the Applicant's total income for AY 2011-12 excluding the transfer-pricing adjustment and to refund any resultant amount with statutory interest within eight weeks from the date of uploading the order. The AO had no discretion to extend or deviate from the statutory timeline.
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TaxTMI 
TaxTMI 
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