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Introducing the “In Favour Of” filter in Case Laws.
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<h1>ITAT Mumbai quashes assessment order for exceeding time limit u/s 144C; transfer pricing issue remains unaddressed.</h1> The ITAT Mumbai judgment addressed a dispute involving a corporate entity providing marketing support services, focusing on transfer pricing adjustments and the period of limitation under Section 144C of the Income Tax Act, 1961. The appellant contested that the assessment order dated August 1, 2022, exceeded the statutory time limit, as the Dispute Resolution Panel's directions were received on June 14, 2022, necessitating an order by July 31, 2022. The tribunal upheld this argument, quashing the order for being time-barred. The judgment did not address the merits of the transfer pricing adjustment due to the limitation issue.
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