TaxTMI 
TaxTMI 
TaxTMI 
2023 (11) TMI 857
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssessee has challenged the following grounds of appeal: 1. On the facts and in the circumstances of the case and in the law, the impugned order dated 30.12.2022 passed by Assessment Unit, Income tax department (learned A.O.) under section 143(3) read with section 260 and section 144B of the Act, is barred by limitation, since impugned order is passed /issued beyond the maximum time limit prescribed under section 144C(13) of the act. Hence the assessment order is liable to be quashed/annulled as barred by limitation. 2. Without prejudice to ground 1, on facts and circumstances of the case and in law, Deputy Commissioner of Income tax (Transfer Pricing)-3(1)(1) ('Learned TPO') erred in proposing upward adjustment amounting to Rs. 5,60....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the arm's length price of the international transactions - i. Goldmine Advertising Limited ii. MCI Mangement India Private Limited iii. Killick Agencies & Marketing Limited iv. Pressman Advertising Limited v. Kestone Integrated Marketing Servics Private Limited vi. Marketing Communications & Advertising Limited vii. I Media Corp Limited 6. Without prejudice to ground 1, 4 and 5, on facts and circumstances ofteh case and in law, the learned TPO erred in arbitrarily selecting three companies with high margin to benchmark the international transaction of MSS merely on the premise that the companies were forming part of the accept-reject matrix of the Appellant thereby resorting to cherry picking of comparable companies and the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The draft assessment order u/s. 144C of the Act dated 22.04.2021 was passed for which the assessee had filed objection against the upward adjustment proposed in the draft assessment order before the Hon'ble DRP on 29.05.2021. The ld.DRP disposed of the objection raised by the assessee and the final assessment order u/s. 143(3) r.w.s. 144C and 144B of the Act was passed. The assessee challenged the assessment order passed by the A.O. by a writ petition before the Hon'ble Bombay High Court on the ground that the assessment order was passed before the expiry of the time period granted for filing of the objection to the ld. DRP. The Hon'ble Bombay High Court vide order dated 29.10.2021 quashed the assessment order dated 28.05.2021 pass....
X X X X Extracts X X X X
X X X X Extracts X X X X
....022 which is beyond the prescribed limitation period. The ld. AR relied on the decision of the Tribunal in the case of Adobe Systems India P. Ltd. vs. DCIT (in ITA No. 928/Del/2022 for A.Y. 2017-18 vide order dated 16.06.2022). 5. The learned Departmental Representative ('ld.DR' for short), on the other hand, controverted the said facts and stated that as the ld. TPO vide notice dated 31.01.2022 had sought for certain details from the assessee which was furnished vide assessee's submission dated 02.02.2022 and for that reason the limitation period will not fall on 28.02.2022. The ld. DR relied on the decision of the lower authorities. 6. We have heard the rival submissions and perused the materials available on record. It is obser....
X X X X Extracts X X X X
X X X X Extracts X X X X
....round. Subsequent to this event, the Hon'ble DRP passed its direction dated 28.01.2022 and the same was received by the assessee on 28.01.2022. The assessee vide its submission dated 30.03.2022 had sought for the details from the ld. A.O. as to whether or not the assessment order has been passed. It is observed that the final assessment order was then passed by the ld. A.O. on 30.12.2022 which according to the provision of section 144C(13) ought to have been passed on or before 28.02.2022, i.e., within one month from the end of the month in which DRP directions is received. In this factual background, it is observed that the assessee has raised a legal ground in ground no. 1 challenging the impugned assessment order as being time barred as ....