Assessment order passed beyond stipulated timeframe is void ab initio

Envestnet Asset Management (India) Private Limited Vs ACIT (ITAT Cochin) Income Tax Appellate Tribunal (ITAT), Cochin Bench, has quashed a transfer pricing adjustment order against Envestnet Asset Management (India) Private Limited, ruling that the assessment order passed by the Assessing Officer (AO) was barred by limitation. The decision, pronounced on December 12, 2014, highlights the mandatory nature of time limits prescribed under the Income-tax Act, particularly Section 144C(13), and emphasizes the department’s responsibility to maintain proper records. Envestnet Asset Management h...