Transfer pricing adjustments for software services, corporate guarantees, expense characterisation and foreign tax credit affirmed under arm's length ...
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Where the assessee is an "eligible assessee" u/s 144C(15)(b) and the AO proposes variations prejudicial to it, issuance of a draft assessment order and recourse to the DRP mechanism are mandatory by virtue of the non-obstante scheme of s. 144C, which overrides other provisions including search assessment u/s 153A. Non-issuance of a draft order is a fatal, incurable jurisdictional defect, not curable u/s 292B, and participation cannot validate a void order. As the AO passed final orders u/s 153A without a draft order and beyond the strict statutory timeline, the assessments were held void ab initio and quashed; the appeals were allowed - ITAT
Where the assessee is an "eligible assessee" u/s 144C(15)(b) and the AO proposes variations prejudicial to it, issuance of a draft assessment order and recourse to the DRP mechanism are mandatory by virtue of the non-obstante scheme of s. 144C, which overrides other provisions including search assessment u/s 153A. Non-issuance of a draft order is a fatal, incurable jurisdictional defect, not curable u/s 292B, and participation cannot validate a void order. As the AO passed final orders u/s 153A without a draft order and beyond the strict statutory timeline, the assessments were held void ab initio and quashed; the appeals were allowed - ITAT
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