Assessee, cyprus based company, had earned interest income and opted to be governed by provisions of Cyprus Treaty. interest income was offered to tax at rate of 10 per cent as per article 11(2). Assessing Officer issued draft assessment order under section 143(3) read with section 144C(1) on 26-12-2016 wherein he assessed interest income at rate of 40 per cent. Thereafter, Assessing Officer passed final assessment order under section 143(3) read with section 144C(3) on 7-2-2017 as proposed in draft assessment order. On appeal the Tribunal held that since condition required to be satisfied for issuance of draft order under section 144C(1) had not been satisfied because there was no variation of returned income which was prejudicial to interest of assessee, Assessing Officer ought to have passed assessment order under section 143(3) within limitation time prescribed under section 153(1), i.e., on or before 31-12-2016 and since assessment order was framed on 7-2-2017, same was barred by limitation.  (AY. 2014-15)