The assessee has challenged the draft assessment order on thee ground that the assessee is not an \u2018eligible assesseee \u2019 \u00a0as per section 144C(15) of the Act and the AO ought not to have passed the draft assessment order u\/s 144C(2) of the Act . On appeal the Tribunal held that \u00a0since no variation under section 92CA(3) of the Act was warranted and that \u2018assessee not being a foreign company will not categorize the assessee to be an \u2018eligible assessee\u2019 as per the provision of section 144C(15)(B) of the Act which defines an \u2018eligible assessee\u2019.\u00a0 Hence the draft assessment order passed under section 144C(1) of the Act and the final assessment order pursuant to the draft order are not in accordance with the mandate of the Act. \u00a0Draft order and final assessment order is \u00a0quashed . Relied on Maquet Holdings B.V. & Co v. DCIT (2019) 106 taxmann.com 68 ( Mum)( Trib) . (ITA No. 454\/Mum\/2022 dated October 10, 2022) ( AY. 2017 -18 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 144C: Reference to dispute resolution panel – Transfer pricing \u2013 No variation in Arm\u2019s Length Price \u2013 Barred by limitation – No draft order as assessee is not an \u201celigible assessee\u201d \u2013 Draft order and final assessment order is quashed. [ S.92CA(3), 144C(15)(b) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30649","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Yl","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=30649"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30649\/revisions"}],"predecessor-version":[{"id":30650,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30649\/revisions\/30650"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=30649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=30649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}