The assessee had filed its return for the assessment year 2015-16. The time limit for completion of regular assessment in terms of section 153(1) of the Act, being 21 months from the end of the relevant assessment year, was December 31, 2017. A reference was made to the Transfer Pricing Officer, since the business of the assessee included transactions that related to entities abroad for which a proper determination of arm’s length price was to be made. There was a request by the Transfer Pricing Officer for exchange of information and a reference was made to the competent authority in terms of section 90A of the Act. The reference for exchange of information was made by the Transfer Pricing Officer on October 29, 2018 and the last of the information sought was received by him on March 27, 2019. The order of the Transfer Pricing Officer was passed on May 24, 2019. On a writ petition challenging the draft assessment order dated July 26, 2019, passed in terms of section 143(3) read with section 144C(1).On writ the Court held that the last of the information was received by the Transfer Pricing Officer on March 27, 2019 by which time, the time for completion of regular assessment had itself long elapsed, on December 31, 2018. The order was barred by limitation.      (AY.2015-16)