Assessment Held Time-Barred as AO Failed to Comply with Mandatory DRP Timeline

Lubrizol Advanced Materials India Pvt. Ltd. Vs Assessment Unit (Income Tax Department) (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, considered the assessee’s appeal against the assessment order dated 30.12.2022 passed under Sections 143(3), 144B and 260 of the Income Tax Act for Assessment Year 2017-18. The assessee primarily challenged the assessment order on the ground that it was barred by limitation under Section 144C(13). Other grounds related to transfer pricing adjustments concerning marketing support services, selection of comparables, benchmarking methodology,...