Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The ITAT held that the transfer pricing order u/s 92CA(3) was passed beyond the statutory period of 60 days prior to the limitation date for completing the assessment. Calculating the 60-day backward period, the Tribunal concluded that the last permissible date for passing the TP order was 29.01.2015, whereas the order was actually passed on 30.01.2015. Following binding HC precedent on identical limitation computation, the ITAT declared the TP order time barred, quashed it, and consequently deleted the entire TP adjustment, allowing the assessee's appeal.
The ITAT held that the transfer pricing order u/s 92CA(3) was passed beyond the statutory period of 60 days prior to the limitation date for completing the assessment. Calculating the 60-day backward period, the Tribunal concluded that the last permissible date for passing the TP order was 29.01.2015, whereas the order was actually passed on 30.01.2015. Following binding HC precedent on identical limitation computation, the ITAT declared the TP order time barred, quashed it, and consequently deleted the entire TP adjustment, allowing the assessee's appeal.
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