9911796707
TMI Blog2023 (8) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... inst the assessment order passed by the National e-assessment Centre, Delhi, [ The ld AO ] dated 29th April, 2021, passed under Section 143 read with section 144C(13) read with section 144(3) of the Income-tax Act, 1961 (the Act), wherein total income was assessed at Rs.3,83,48,30,210/-. The assessee filed its return of income [ ROI] on 28th November, 2016 at Rs.848,57,12,006/-. Subsequently, the same was revised on 29th March, 2018. Subsequently, modified return was also filed and total income was returned at 1,967,46,57,185/-. The return of income was picked up for complete scrutiny stating ten reasons for selection of return for scrutiny. As the assessee company is engaged in the business of manufacturing of Automobile, engine parts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rounds are raised:- "1. Reference to TPO under section 92CA was made beyond permissible period as prescribed under section 153(1) and hence assessment is barred by limitation On the facts and in the circumstances of the case and in law, the reference to the TPO made on 1.10.2019 is barred by limitation within the meaning of s 153(1)/ (4) of the Act and hence bad in law, rendering the TP Order dated 1.11.2019 non-est, the reference to the DRP u/s 144C bad in law and the assessment order u/s 143(3) r.w.s. 144C r.w.s 153 barred by limitation; 2. Final assessment order passed by AO is barred by limitation Without prejudice to the above, in any event, the said final assessment order is barred by limitation, the TPO order u/s 92CA (3) its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 92CA(3) of the Act on 1st November, 2019. The due date for passing of the order of the learned Transfer Pricing Officer expired on 31st October 2019 and therefore, the Transfer Pricing order [ 92CA(3)] is passed beyond the due date and requires to be quashed. He further stated that as the transfer pricing order is beyond the due date, assessee is not an eligible assessee and therefore, the extended time limit of 12 months is also not available to the learned Assessing Officer. Accordingly, the assessment order passed by the learned Assessing Officer is also barred by limitation. Accordingly, he submitted that assessment order passed in case of the assessee is barred by limitation. 08. The learned Departmental Representative vehe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee there is no variation as a consequence of transfer pricing order. The assessee is also a resident company. Therefore, according to section 144C(15)(b) of the Act, assessee is not an 'eligible assessee' and therefore, extended the time limit of 12 months as prescribed under Section 153(4) of the Act is also not available to the learned Assessing Officer. Therefore, the assessment order should have been passed on or before 31st December, 2018, which is passed on 29th April, 2021, hence, final assessment order passed is barred by limitation and hence, quashed. Our view is also supported by several judicial precedent including the decision of Hon'ble Madrass High Court in 139 taxmann.com 361 in Virtusa Consultancy Pvt. Ltd. Si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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