https://www.taxtmi.com/highlights?id=78235 The Appellate Tribunal considered the validity of assessment proceedings u/s 144C, focusing on the period of limitation. The assessee argued that u/s 153(4), an extended 12-month period for assessment completion applies only when a reference u/s 92CA(1) is made to the Transfer Pricing Officer (TPO) during assessment or re-assessment. The Tribunal agreed, noting that the extended time limit is not available for Non-Resident assessments u/s 144C. As the assessment notice was issued on 30.03.2021, the assessment should have been completed by 31/03/2022. Since the final assessment order was passed on 12.01.2023, it was deemed barred by limitation. The Tribunal allowed the assessee's appeal. en-us Fri, 07 Jun 2024 08:13:51 +0530 Fri, 07 Jun 2024 08:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78235 The Appellate Tribunal considered the validity of assessment proceedings u/s 144C, focusing on the period of limitation. The assessee argued that u/s 153(4), an extended 12-month period for assessment completion applies only when a reference u/s 92CA(1) is made to the Transfer Pricing Officer (TPO) during assessment or re-assessment. The Tribunal agreed, noting that the extended time limit is not available for Non-Resident assessments u/s 144C. As the assessment notice was issued on 30.03.2021, the assessment should have been completed by 31/03/2022. Since the final assessment order was passed on 12.01.2023, it was deemed barred by limitation. The Tribunal allowed the assessee's appeal. Highlights Income Tax Fri, 07 Jun 2024 08:13:51 +0530 https://www.taxtmi.com/highlights?id=78235