https://www.taxtmi.com/caselaws?id=432916 The Tribunal quashed the reassessment order in an appeal against an assessment order under section 147 of the Income Tax Act, 1961, due to transfer pricing adjustment. The Assessing Officer's failure to wait for the Transfer Pricing Officer's decision and the subsequent invalid transfer pricing order rendered the proceedings void. The Dispute Resolution Panel found the assessment order to be wrong and illegal, lacking a valid reference to the Transfer Pricing Officer during reassessment. As the assessee was not considered an "eligible assessee," the Panel declined jurisdiction. The Tribunal allowed the appeal, citing the unsustainability of the final assessment order without a valid Transfer Pricing Officer reference. en-us Tue, 10 Jan 2023 00:00:00 +0530 Tue, 17 Jan 2023 06:33:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432916 The Tribunal quashed the reassessment order in an appeal against an assessment order under section 147 of the Income Tax Act, 1961, due to transfer pricing adjustment. The Assessing Officer's failure to wait for the Transfer Pricing Officer's decision and the subsequent invalid transfer pricing order rendered the proceedings void. The Dispute Resolution Panel found the assessment order to be wrong and illegal, lacking a valid reference to the Transfer Pricing Officer during reassessment. As the assessee was not considered an "eligible assessee," the Panel declined jurisdiction. The Tribunal allowed the appeal, citing the unsustainability of the final assessment order without a valid Transfer Pricing Officer reference. Case-Laws Income Tax Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432916