S. 144C : Reference to dispute resolution panel-Assessment-Limitation-Eligible assessee-International Transactions-Orders Passed by TPO Beyond limitation period-therefore, Assessee is Not an “Eligible Assessee” as per 144C(15)(b) of the Act-extended time period of 12 months not available-as a consequence thereof, Regular Assessment Order was also barred by Limitation and not sustainable.[S.92CA(3), 144C(15)(b),153]

S. 144C : Reference to dispute resolution panel-Limitation-No variation is proposed-Extended period is not available for concluding assessment-Draft assessment order is not required to be issued-Order is barred by limitation-DTAA-India-Cyprus .[S. 153 (1), Art. 11(2)]

S. 144C : Reference to dispute resolution panel-Transfer pricing-Draft assessment order-Failure to give effect to the direction of DRP-Order was quashed.[S. 144c(10) 144C(13)]

S. 144C : Reference to dispute resolution panel-International Transaction-Limitation-Assessment order passed beyond one month from the end month in which directions of DPR received-Relaxation under TOLA Act not applicable-Assessment order is barred by limitation. [S. 144B 144C(13),147, 148]

S. 144: Best judgment assessment-AO estimating profits at 8 per cent., CIT(A) observed that turnover above turnover limit for presumptive taxation but restricting profits to 5 per cent. Matter remanded back to AO stating that Authorities bound to disprove claim with corroborative documentary evidence after granting assessee adequate opportunity of being heard.

S.144: Best judgment assessment-Natural Justice-Cash Credits–Statements of witnesses relied upon without providing opportunity to cross-examine the witnesses, assessment not sustainable. (68, 131, 144)

S. 144: Best judgment assessment-Liquor Business-Average Net Profit in this line of business which varied from 1 to 3 per cent. And applying net profit rate of 2 per cent is correct. No comparative data brought to rebut finding of AO in retail liquor business. [S.145]

S. 144 : Best judgment assessment-Demonetization-Books of accounts cannot be rejected without issuing any show cause notice-Stock register-Purcahses verified by the Assessing Officer-Rejectiion of books of account is not justified-Cash sales-Deposited in the Banks-Books of account is audited by Chartered Accountant-Not justified by estimating income by applying NP Rate and books of accounts were to be accepted. [S. 68, 115BBE, 133(6) 143(3), 145(3)]

S. 143(3) : Assessment-Scope of scrutiny-AO’s jurisdiction is not limited to just valuing the closing stock but also determining the project cost, project revenue and closing WIP at the end of reporting period-Thus, AO is justified in making addition by revaluing the stock. [S. 145]

S. 143(3) : Assessment-Notice issued to a non-existing entity-Amalgamation-AO was informed-Assessment order passed in the name of a non-existent entity is void and liable to be quashed. [S. 144C]