Draft Assessment Order was not permissible u/s 144C(1) when TPO makes no variation

Classic Legends Pvt Ltd Vs Assessment Unit & Ors (Bombay High Court) Conclusion: Where the Transfer Pricing Officer (TPO) accepted international transactions at arm’s length without proposing any variation under Section 92CA(3), assessee did not qualify as an “eligible assessee” under Section 144C(15)(b). Consequently, AO had no jurisdiction to issue a Draft Assessment Order under Section 144C(1), Final Assessment Order under Section 143(3) r.w. Sections 144C and 144B. Held: AO had made a reference to the Transfer Pricing Officer (“TPO”) under Section 92CA. TPO issued notices to ...