Dismissing the appeal of the Revenue the Court held that  there was no variation in the income as returned by the assessee for the assessment years 2014-15 and 2015-16 on being referred to the Transfer Pricing Officer in respect of the international transaction. Only the assessee’s claim for benefits under article 11 of the Double Taxation Avoidance Agreement between India and Cyprus ([1996] 218 ITR (St.) 70) was negated by the Assessing Officer. Accordingly, while the income offered became subject to tax at the rate of 20 per cent., the total income as declared remained unvaried. Section 144C as it stood at the relevant time would have empowered the Assessing Officer to pass a draft assessment order dated December 22, 2017 only if a variation in the income returned was suggested. There was no error in the finding of the Tribunal that the assessee was an eligible assessee under section 144C(15)(b)(ii) to claim benefit of the Double Taxation Avoidance Agreement and holding that the final assessment order was barred by limitation as there was no variation in the income of the assessee.(AY. 2014-15, 2015-16)