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TMI Blog2018 (4) TMI 1897X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017, and even this was beyond the limit of 30 days. Thus, assessee did not satisfy any of the conditions mentioned in sub-section (2) of section 144C. Non-filing of objections within the time period allowed under 30 days will automatically attract application of sub-section (4) of Section 144C of the Act. Sub-section (4) clearly say that an assessment order has to be passed within one month from the end of the month when the period of filing of objections under sub-section (2) expires. Contention of the ld.D.R is that the order of the DRP rejecting the application filed by the assessee was a direction of the DRP and hence time limit set out in sub-section (13) of Section 144C was available to the Assessing Officer for passing the assessment order. An order passed by the DRP rejecting an application of objections, due to belated filing, in our opinion, cannot be equated with a direction coming within the meaning of sub-sections (5) of section 144C of the Act. There is no guidance whatsoever to the ld.AO, from such an order. Hence, the argument of the ld.DR that time limit given in sub-section (13) of Section 144C of the Act would apply cannot be accepted. In the case before us, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the DRP on 31.01.2017, ld.DRP noted that there was a delay of three (3) days in filing it. According to the ld.DRP, there was no power under the Act for condoning such delay. As per ld. DRP, though the Ld.CIT(A) was having power of condonation u/s.249(3) of the Act and the Tribunal u/s. 253(5) of the Act, there was no similar power with DRP u/s.144C of the Act. Ld.DRP was also noted that condonation of delay, if granted, would would result in curtailing the time available to the DRP for dealing with the objections of the assessee. The ld.DRP thus held that assessee had failed to file its application setting out its objections to the draft assessment order within the time period of 30 days stipulated under the Act and declined to consider such application. In other words, ld.DRP rejected the application filed by the assessee. Thereafter, on 22.03.2017, the ld. Assessing Officer passed an assessment order making an addition of ₹ 257,04,337/- to the income returned by the assessee, based on the recommendations made by the TPO. 5. Now, before us ld.A.R submitted that the assessment order passed by the AO on 22.03.2017 was much after the time period mentioned in sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... file his acceptance of the variations to the Assessing Officer ; or (b) file his objections, if any, to such variation with,- (i) the Dispute Resolution Panel ; and (ii) the Assessing Officer. (3) The Assessing Officer shall complete the assessment on the basis of the draft order, if (a) the assessee intimates to the Assessing Officer the acceptance of the variation ; or (b) no objections are received within the period specified in subsection (2). (4) The Assessing Officer shall, notwithstanding anything contained in section 153, pass the assessment order under sub-section (3) within one month from the end of the month in which,- (a) the acceptance is received ; or (b) the period of filing of objections under sub-section (2) expires. (5) The Dispute Resolution Panel shall, in a case where any objection is received under sub-section (2), issue such directions, as it thinks fit, for the guidance of the Assessing Officer to enable him to complete the assessment. (6) The Dispute Resolution Panel shall issue the directions referred to in sub-section (5), after considering the following, namely :- (a) draft order ; (b) objections filed by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 144BA. (15) For the purposes of this section,- (a) Dispute Resolution Panel means a collegium comprising of three 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. Vide sub-section (2) of above Section and eligible assessee has an option to file, either his acceptance of the variation proposed in the draft assessment order to the ld. Assessing Officer, or if he objects to file objections. If he chooses to file objections, it has to be filed before the DRP, and the ld. Assessing Officer. There are two sub-clauses for sub-section(2) of Sec.144C of the Act, viz. clause-(a) clause-(b). These sub-clauses are joined by the term or . This is a disjunctive expression. Thus, the assessee has to choose one of two options, either to file acceptance or to file his objection. If the assessee chooses for the second option given in sub-clause (b), then he has to comply with the two limbs (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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