2023 (11) TMI 191

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....ining the total income of the assessee at Rs. 11,64,10,372/- making transfer pricing adjustment proposed by the learned Transfer Pricing Officer by an order under section 92CA (3) dated 12/7/2021 incorporated in draft assessment order dated 20/8/2021 pursuant to direction of the learned Dispute Resolution Panel - 1, Mumbai - 2 (the learned DRP) dated 26/5/2022. 2. Assessee is aggrieved with the assessment order and as per the first ground of appeal itself, the assessee has raised the issue that the order passed by the learned Assessing Officer is barred by limitation under the provisions of section 144C (13) read with section 144B (1) of the Income Tax Act. 3. Brief facts of the case shows that the assessee is a company engaged in the bus....

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....ng Officer examined the international transactions and ultimately passed an order under section 92CA (3) of the Act, whereas the transfer pricing adjustment of Rs. 11,64,10,372/- was proposed. 7. Accordingly, draft assessment order under section 144C of the Income Tax Act was passed on 20/8/2021, wherein the only adjustment was with respect to the above transfer pricing adjustment. 8. The assessee preferred objection before the learned Dispute Resolution Panel, who passed the directions on 26/5/2022. 9. Consequent to that, the learned Assessing Officer passed the final assessment order on 31/7/2022. 10. The assessee is aggrieved with that and submitting that the order for transfer pricing adjustment was passed by the learned Transfer Pr....

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.... Admittedly, in this case, the transfer pricing order under section 92CA (3) of the Act was passed on 12/07/2021. Based on the above transfer pricing order, the draft assessment order under section 144C of the Act was passed on 20/8/2021. Further, the direction of the Dispute Resolution Panel was issued on 26/5/2022. The final assessment order was passed by the learned Assessing Officer on 31/7/2022. 13. According to the provisions of section 144C (13) of the Act, on receipt of the direction of the learned Dispute Resolution Panel, the Assessing Officer shall, in conformity with the directions, complete the assessment within one month from the end of the month, in which such direction is received. Therefore, it clearly says that the Assess....