Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

May 2023

International transactions — Draft assessment order — Limitation — Effect of sections 153 and 144 — Issue of directions by Commissioner has no effect on limitation — Direction of Commissioner does not extend limitation.

By K. B. Bhujle, Advocate
Reading Time 4 mins
10 Pfizer Healthcare India Pvt Ltd vs. Dy. CIT [2023] 452 ITR 187 (Mad) A. Y. 2015-16 Date of order: 11th November, 2022 Sections 144, 144C and 153 of ITA 1961 International transactions — Draft assessment order — Limitation — Effect of sections 153 and 144 — Issue of directions by Commissioner has no effect on limitation — Direction of Commissioner does not extend limitation. The assessee was engaged in the business of manufacture, research, development and export to its group entities. It had filed its return for the A. Y. 2015-16. The time limit for completion of regular assessment in terms of section 153(1) of the Act, being 21 months from the end of the relevant assessment year, was 31st December, 2017. A reference was made to the Transfer Pricing Officer, since the business of the assessee included transactions that related to entities abroad for which a proper determination of arm’s length price was to be made. There was a request by the Transfer Pricing Officer for exchange of information and a reference was made to the competent authority in terms of section 90A of the Act. The reference for exchange of information was made by the Transfer Pricing Officer on 29th October, 2018 and the last of the information sought was received by him on 27th March, 2019. The order of the Transfer Pricing Officer was passed on 24
Read More
Download PDF

You May Also Like

Union Budget Receipt Side Movement Trends of Last 20 Years

Reassessment — Notice under section 148 — Jurisdiction — Notice issued by officer who had no jurisdiction over the assessee — Notice defective and invalid — Notice and order rejecting objections of the assessee set aside.