Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
HC held that proceedings u/s 153C for A.Ys. 2014-15 to 2019-20 against the Petitioner are barred by limitation and therefore void. It interpreted clause (ii) of the third proviso to s.153B(1) to hold that, where the AO of the searched person and the "other person" is the same, the first limb (12 months from the end of the F.Y. of search) necessarily applies and cannot be rendered otiose. Since the search on the group of which the Petitioner is a part occurred on 21.08.2019, the basic limitation expired on 31.03.2021 and, after extension by TOLA and the relevant Notification, on 30.09.2021. As no assessment was completed by that date and the AO continued proceedings thereafter, the HC declared the assessments time-barred, quashed the s.153C proceedings, and allowed the writ petition.
HC held that proceedings u/s 153C for A.Ys. 2014-15 to 2019-20 against the Petitioner are barred by limitation and therefore void. It interpreted clause (ii) of the third proviso to s.153B(1) to hold that, where the AO of the searched person and the "other person" is the same, the first limb (12 months from the end of the F.Y. of search) necessarily applies and cannot be rendered otiose. Since the search on the group of which the Petitioner is a part occurred on 21.08.2019, the basic limitation expired on 31.03.2021 and, after extension by TOLA and the relevant Notification, on 30.09.2021. As no assessment was completed by that date and the AO continued proceedings thereafter, the HC declared the assessments time-barred, quashed the s.153C proceedings, and allowed the writ petition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
