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TMI Blog2023 (2) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... d of month in which such directions are issued. ITAT has recorded that impugned order is not in conformity with the provisions of Section 144C of the IT Act and barred by time. Shri.Dilip's contention is, the AO has rightly passed the order within time. But it is relevant to note that the said order is not in conformity with Section 144C of the IT Act. - THE HON'BLE MR JUSTICE P.S.DINESH KUMAR AND THE HON'BLE MR JUSTICE G BASAVARAJA APPELLANT: SRI K.V. ARAVIND, SR. STANDING COUNSEL RESPONDENT: SRI T. SURYANARAYANA, SR. ADVOCATE AND SMT.TANMAYEE RAJKUMAR, ADVOCATE JUDGMENT This appeal by the Revenue challenging the order dated December 31st, 2018, passed in IT(TP)A No.832/Bang/2017 passed by the Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee submitted that under Section 144C(10) of the Income Tax Act, 1961 ('IT Act' for short) every direction issued by the Dispute Resolution Panel ('DRP' for short) shall be binding on the Assessing Officer and under Section 144C(13) the Assessing Officer is duty bound to pass the assessment order in conformity with the directions within one month from the end of the month in which such directions are received by the DRP. He argued that the Assessing Officer has recorded in the assessment order that on receipt of directions by the DRP, reference was made to Transfer Pricing Officer ('TPO' for short) for re-working the Arms Length Price (ALP). The Order Giving Effect (OGE) in respect of DRP's direction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P adjustments has not been received. As this is a time barring assessment proceedings the assessment order is passed based on the TP adjustment mentioned in the draft assessment order. On receipt of the order giving effect from TP necessary action for a either increase or decrease of the TP adjustment will be done u/s.154 of the IT Act. 6. As the assessee company has furnished inaccurate particulars penalty proceedings u/s.271(1)(c) is initiated separately. Considering the directions issued by the Hon'ble DRP, the assessment is completed as under. Income as per Return of income Nil Add:TP adjustment 40,11,77,5.83 Less: B/f loss set of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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