TaxTMI 
TaxTMI 
2026 (2) TMI 1191
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....Section 144C(13) of the Income Tax Act, 1961. 2. The facts on record reveal that during the Financial Year 2016- 2017 during the month of November / December, the Petitioner had deposited a sum of Rs. 10,00,000/- into the Petitioner's Bank Account maintained with the ICICI Bank. It is noticed that Return of Income has not been filed by the Petitioner for the aforesaid Financial Year. 3. In view of the above, a Notice under Section 142(1) of the Income Tax Act, 1961 was issued by the Jurisdictional Assessing Officer within whose jurisdiction the Petitioner was operating the Bank Account where the amount was deposited by the Petitioner. 4. In response to the aforesaid Notice, the Petitioner filed a Return of Income on 04.04.2018 for ....
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....by the Petitioner which came to be disposed by the Dispute Resolution Panel under Section 144C(5) of the Income Tax Act, 1961 on 14.12.2022. 9. It was pursuant to the aforesaid Draft Assessment Order and now the impugned Assessment Order has been passed against the Petitioner. 10. The challenge to the impugned Assessment Order is primarily on the ground that proceedings have been initiated by the 1st Respondent without a corresponding Transfer Order under Section 127 of the Income Tax Act, 1961. In this connection, the Petitioner has placed reliance on the decisions of the Hon'ble Supreme Court, Delhi High Court, Calcutta High Court, Orissa High Court and of this Court which are as follows:- i. Ajantha Industries Vs. Central ....
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....ed to as the draft order) to the eligible assessee if he proposes to make, on or after the 1st day of October, 2009, any variation in the income or loss returned which is prejudicial to the interest of such assessee. (15) For the purposes of this section,- (b) "eligible assessee" means,- (i) any person in whose case the variation referred to in sub-section (1) arises as consequence of the order of the Transfer Pricing Officer passed under sub-section (3) of section 92CA; and (ii) any foreign company." 7. Plain reading of clause-(b) of Subsection( 15) of Section 144C would show that an assessee can be stated to be eligible assessee as referred to in Sub-section(1) of Section 144C in whose case var....
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....Assessment Order dated 30.03.2022 in respect of which objection was filed before the Dispute Resolution Panel on 26.04.2022 which was ultimately disposed by the Dispute Resolution Panel on 14.12.2022. 15. By way of rejoinder, the learned counsel for the Petitioner submits that an application was filed only for rectification of the aforesaid Draft Assessment Order dated 30.03.2022 before the Dispute Resolution Panel on 30.01.2023. 16. That apart, it is submitted that the impugned Assessment Order passed for the Assessment Year 2017-2018 on 10.01.2023 was clearly barred by limitation under Section 153 of the Income Tax Act, 1961. 17. I have considered the arguments advanced by the learned counsel for the Petitioner and the learned Se....
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....before amendment with effect from 01.06.2013) Section 144C(15)(b) of the Income Tax Act, 1961 (after amendment with effect from 01.04.2020) 144C. Reference to dispute resolution panel. 15. For the purposes of this Section,- (a) "Dispute Resolution Panel" means a collegium comprising of three Principal Commissioners or Commissioners of Income-tax constituted by the Board for this purpose. (b) "eligible assessee" means,- i. any person in whose case the variation referred to in sub-section (1) arises as a consequence of the order of the Transfer Pricing Officer passed under sub-section (3) of Section 92CA; and ii. any foreign company. 144C. Reference to dispute resolution panel. 15. For the pu....
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....24(3) (a)(b) and (c) of the Income Tax Act, 1961 and Section 292BB of the Income Tax Act, 1961. 25. The attempt of the Petitioner to distance from the status as an "eligible assessee" by filing an application for rectification under Section 154 of the Income Tax Act, 1961 on 30.01.2023 which appears to be pending as on date was merely an afterthought after the Dispute Resolution Panel passed its order. 26. Since the matter was taken up before the Dispute Resolution Panel under Section 144C of the Income Tax Act, 1961 the limitation gets extended by virtue of Section 144C read with Section 153 of the Income Tax Act, 1961. 27. As per Sub-Section (13) to Section 144C of the Income Tax Act, 1961 the limitation for passing the Assessmen....