2024 (9) TMI 912

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..../-. Petitioner's case was selected for scrutiny and the notice dated 29th June 2021 under Section 143(2) of the Income Tax Act, 1961 (the Act) was issued. Since petitioner was also eligible assessee, reference was made for determining Arm's Length Price (ALP) to Transfer Pricing Officer (TPO).  The TPO passed an order dated 22nd July 2023 under Section 92CA(3) of the Act proposing downward adjustment with regard to reimbursement of GIT cost to the tune of Rs.9,41,54,166/-. 4. Draft assessment order under Section 144C(1) of the Act was sent to petitioner on 23rd September 2023 proposing variations. Petitioner was given 30 days on receipt of the draft to respond whether it accepts the proposed variations or objects. Petitioner receive....

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....he last date to file objections was 22nd October 2023 and therefore by 30th November 2023 Respondent No.1 had to complete the assessment. As the assessment order has been passed only on 27th December 2023, the same is barred by limitation. Mr. Gandhi also relied upon the judgment of this court in Renaissance Services BV vs. Deputy Commissioner of Income Tax (International Tax). (2022) 139 taxmann.com 450 (Bombay) 6. Other grounds have been raised and in our view we need not refer to these grounds. The affidavit in reply has been filed through one Mr.Harish S. Kelkar, Assistant Commissioner of Income Tax - 1(2)(1), Mumbai affirmed on 12th April 2024. In the affidavit in reply it is stated that the draft order dated 23rd September 2023 und....