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TMI Blog2022 (8) TMI 1543X X X X Extracts X X X X X X X X Extracts X X X X ..... hi Dhananjay Hande. ORDER PER RAHUL CHAUDHARY, JUDICIAL MEMBER: 1. The present appeal is directed against the Final Assessment Order dated, 29.04.2021 passed under Section 143(3) read with Section 144C(13) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) for the Assessment Year 2016-17, as per directions issued by Dispute Resolution Panel 1, [hereinafter referred to as the DRP ] under Section 144C(5) of the Act. 2. When the matter was taken for hearing, the Ld. Authorised Representative advanced arguments on pressed into service for the Appellant referred to Ground 2 of appeal which read as under: Validity of transfer pricing order passed by the learned TPO 2. Erred in not appreciating that the order passed by the Learned T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der to determine if the order dated 01.11.2019 passed by the Ld. TPO is barred by limitation as contended by the Ld. AR for the assessee, we would advert to the provisions contained under section 92CA(3) read with section 153 of the Act. 12. Undisputedly, sub-section (3A) to section 92CA has been inserted w.e.f. 01.06.2007 providing time limit for the Transfer Pricing Officer to pass the order i.e. within a period of 60 days prior to the date of completion of assessment as per section 153. So, under section 92CA (3A) read with section 153, Ld. TPO was required to pass the order within the period of 60 days prior to the date on which the period of limitation referred to in section 153 expires i.e. 21 months. 13. Undisputedly the assessment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te on which the period of limitation referred to Section 153 expires'. Excluding 31.12.2019, the period of 60 days would expire on 01.11.2019 and the transfer pricing orders thus ought to have been passed on 31.10.2019 or any date prior thereto. Incidentally, the Board, in the Central Action Plan also indicates the dale by which the Transfer Pricing orders are to be passed as 31.10.2019. The impugned orders are thus, held to be barred by limitation. 15. Identical issue has been decided by the co-ordinate Bench of the Tribunal in case of ECL Finance Ltd. vs. ACIT in ITA No. 899/M/2018 order dated 22.09.2021 and in case of Louis Dreyfus Commodities India Pvt. Ltd. vs. DCIT in ITA No. 2381/Del/2014 order dated 11.03.2021 in favour of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equently, appeal filed by the assessee is allowed. Ground No. 2 is allowed. (Emphasis Supplied) 5. Respectfully following the above decision of the Co-ordinate Bench of the Tribunal, we hold that the order passed by the Transfer Pricing Officer on 01.11.2019 is barred by limitation and therefore, the transfer pricing adjustments made in the Final Assessment Order, dated 29.04.2021 are deleted. Ground No. 2 raised by the Appellant in the present appeal is, therefore, allowed. 6. In view of the above, Ground No. 3 to 18 and 21 pertaining to the transfer pricing issues raised in the appeal are disposed of as infructuous. Ground No. 19 pertaining to interest under Section 234B is disposed of as being consequential, while Ground No. 20 pertainin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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