Section 144C Can’t Extend Limitation: TP Assessment Quashed as Time-Barred

Shakti Hormann Private Limited Vs DCIT (ITAT Hyderabad) 144C Is Not a Time-Extender: TP Assessment Quashed as Time-Barred- Draft Order in Time Won’t Save Final Order: DRP Route Can’t Beat Section 153; The Hyderabad ITAT allowed the Assessee’s appeal on the legal issue and quashed the final assessment order as time-barred, holding that limitation prescribed u/s 153 prevails over the procedure u/s 144C. In the present case, despite reference to the TPO u/s 92CA and issuance of draft assessment order u/s 144C(1) on 26-09-2023, the final assessment order u/s 143(3) r.w.s. 144C(13) & 144B...