Relief for Rolls Royce: ITAT Quashes Time-Barred Assessment Order Passed Beyond S.144C(13) Deadline...

The Income Tax Appellate Tribunal (ITAT) has provided relief for Rolls Royce, quashing a time-barred assessment order passed beyond the Section 144C(13) deadline. Section 144C deals with assessment procedures for international transactions, involving the Dispute Resolution Panel (DRP). This ruling emphasizes strict adherence to procedural timelines, especially in complex international tax matters. The ITAT's decision means that if an assessment order is issued after the statutory deadline, it becomes invalid. This provides certainty and protects taxpayers from protracted and arbitrarily delayed assessments.