9911796707
TMI Blog2023 (4) TMI 1355X X X X Extracts X X X X X X X X Extracts X X X X ..... r provision of Section 144C (15) of the Act as assessee is not a foreign company. Assessment order should have been passed on or before 31st March, 2014 but has been passed on 27th May, 2014. The final assessment order passed is also barred by limitation. On identical facts and circumstances in Atos India Private Limited V[ 2023 (2) TMI 1112 - ITAT MUMBAI] wherein it has been held that when assessee does not remain eligible assessee there is no extension of time limit available for making order of TP to the learned Transfer Pricing Officer of further one year and therefore the final assessment order passed also becomes barred by limitation. Therefore we hold that the assessment order passed by AO is also barred by the limitation and hence, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... UP method in the above international transaction not being at arm s length 3. on the facts and in the circumstances of the case and in law, the Ld. CIT (A) erred in rejecting the CUP method adopted by TPO on the ground that data pertaining to the year is not contemporaneous without appreciating that the same is contemporaneous as TPO has used the data of net present value of an uncontrolled price arrived at by applying a reasonable discount factor. 4. on the facts and in the circumstances of the case and in law, the Ld. CIT (A) erred in considering the net present value arrived at after applying appropriate discount factor to be similar as undiscounted future value and thereby holding the data used to be non contemporaneous. 03. Assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was made to the learned Transfer Pricing Officer who passed an order under Section 92CA (3) of the Act on 30th January, 2014. Consequent to that draft Assessment order under Section 144C (1) of the Act was passed on 25th March, 2014 and final order under Section 143(3) of the Act was passed on 27th May, 2014. 07. For that assessment year the time limit for passing the order under Section 153B of the Act was 31st March, 2014 and accordingly, the time limit for passing of the order of the learned Transfer Pricing Officer was available under Section 92CA(3) of the Act was 29th January, 2014. 08. In the present case, the Transfer Pricing Officer has passed the order on 30th January, 2014 which should have been passed on or before 29th January, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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