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“final assessment order”

Assessment ProceduresSection 144CSection 144C4,041 judgments

The decision most relied on for final assessment order is Parashuram Pottery Works Co. Ltd. v. ITO (106 ITR 1), cited in 486 judgments on BharatTax.

Leading authorities on final assessment order

Parashuram Pottery Works Co. Ltd. v. ITO
106 ITR 1 · 1977 · Supreme Court
486
citing judgments

The principle of finality dictates that stale issues should not be reactivated, and lapse of time brings repose to judicial and quasi-judicial controversies. A Commissioner cannot substitute their judgment for the Assessing Officer's unless the assessment order is legally erroneous, not merely less elaborate, thus limiting revisionary powers under Section 263.

Commissioner of Income Tax v. Roca Bathroom Products (P) ltd.
445 ITR 537 · 2022 · High Court
269
citing judgments

The time limit for the Assessing Officer to pass a final assessment order under Section 144C(13) following directions from the Dispute Resolution Panel is determined by the specific provisions of Section 153, particularly Section 153(2A).

CIT v. G.M. Knitting Industries (P.) Ltd.
376 ITR 456 · 2015 · Supreme Court
221
citing judgments

The requirement to file a certificate or form (e.g., Form 10CCB, 10-IC) along with the return of income for claiming a deduction (e.g., under sections 80-IB, 115BAA) is directory regarding its timing. Such a deduction is allowable if the requisite form is filed before the final order of assessment, as procedural requirements should not override substantive benefits.

Sultana Begum v. Prem Chand Jain
259 ITR 449 · 2003 · Supreme Court
147
citing judgments

Section 144C(4) uses a non-obstante clause to expedite the final assessment order, requiring the Assessing Officer to pass it immediately upon acceptance or lack of objection to the TPO's order, irrespective of broader time limits under Section 153.

Vijay Television (P.) Ltd. v. DRP
369 ITR 113 · 2014 · High Court
140
citing judgments

Passing a final assessment order under Section 143(3) directly, without first issuing a draft assessment order under Section 144C(1) for an eligible assessee, constitutes a fundamental jurisdictional defect. This defect cannot be cured by a subsequent corrigendum, especially if issued beyond the prescribed period of limitation.

ESPN Star Sports Mauritius S.N.C. ET Compagnie v. Union of India
388 ITR 383 · 2016 · High Court
71
citing judgments

Failure to issue a draft assessment order under Section 144C(1) makes the final assessment order illegal and beyond jurisdiction. Non-compliance with Dispute Resolution Panel (DRP) directions renders the final assessment order bad in law.

Travancore Diagnostics P. Ltd. v. ACIT
390 ITR 167 · 2017 · High Court
50
citing judgments

Failure to issue notice under section 143(2) before finalizing a reassessment order under section 147 is a fatal jurisdictional error, and this defect cannot be cured by invoking section 292BB of the Income-tax Act. Consequently, such a reassessment order is not sustainable in law.

Addl. CIT v. Mukur Corporation
111 ITR 312 · 1978 · High Court
49
citing judgments

When setting aside an assessment under Section 263(1) and directing a fresh assessment, the Commissioner need not record final conclusions or express final opinions on controversial points. It also interprets 'prejudicial to the interests of the Revenue' as meaning the assessment order is not in accordance with law, leading to the non-realization of lawful revenue.

Judgments citing final assessment order

Goldman Sachs Mauritius Nbfc Llc, Mumbai vs. Assistant Commissioner of Income Tax – (International Taxation) - 2(3)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 5926/MUM/2025[2023-24]Status: DisposedITAT Mumbai17 Feb 2026AY 2023-24

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2023-24 Goldman Sachs Mauritius Nbfc Assistant Commissioner Of Llc, Income Tax – (International C/O Ernst & Young Llp, 14Th Taxation)-2(3)(2), Floor, The Ruby, 29 Senapati Room No.610, 6Th Floor Vs. Bapat Marg, Dadar West, Kautilya Bhavan, C-41 To C- Mumbai-400028 43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051 (Pan: Aaecg8689C) (Appellant) (Respondent) Present For: Assessee : Shri Hiten Thakkar, Advocate Revenue : Shri Krishna Kumar, Sr. Dr Date Of Hearing : 20.11.2025 Date Of Pronouncement : 17.02.2026 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Final Assessment Order Passed By The Assessing Officer U/S.143(3) R.W.S. 144C(13) Of The Act Dated 14.07.2025, Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel – 1, Mumbai Vide Order No. Itba/Drp/F/144C(5)/2025-26/1077165542(1), Dated 18.06.2025 Passed U/S. 144C(5) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), For Ay 2023-24. 2. Grounds Taken By The Assessee Are Reproduced As Under:

For Appellant: Shri Hiten Thakkar, AdvocateFor Respondent: Shri Krishna Kumar, Sr. DR
Section 143(3)Section 144C(5)Section 270ASection 5Section 74

Date of Pronouncement : 17.02.2026 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the final assessment order passed by the Assessing Officer u/s.143(3) r.w.s. 144C(13) of the Act dated 14.07.2025, pursuant to the direction issued by the ld. Dispute

Johnson Praveen Quadros, Australia vs. Income Tax Officer, Intl Tax Ward 3(3)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5778/MUM/2025[2017-18]Status: DisposedITAT Mumbai17 Feb 2026AY 2017-18

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2017-18 Johnson Praveen Quadros Income Tax Officer, Intl Tax Australia Ward 3 (3)(1) C/0 Room No.626, 6Th Floor, E 602, Nazrene Appts Marve Kautilya Bhavan, G Block, Vs. Road, Kharodi Malad West Bkc, Bandra (East), Mumbai 400095 Mumbai-400051 Maharashtra (Pan: Aacpq0820G) (Appellant) (Respondent) Present For: Assessee : Shri Anoop Kumar Agarwal, Ca Revenue : Shri Krishna Kumar, Sr. Dr Date Of Hearing : 20.11.2025 Date Of Pronouncement : 17.02.2026 O R D E R Per Girish Agrawal: 1. This Appeal Filed By The Assessee Is Against The Final Assessment Order Passed By The Assessing Officer U/S.147 R.W.S. 144C(13) Of The Act Dated 28.08.2025, Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel – 1, Mumbai Vide Order Dated 28.07.2025 Vide Order No. Itba/Drp/F/144C(5)/2025-26/1078981626(1) Dated 28.07.2025 U/S. 144C(5) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), For Ay 2017-18. 2. Grounds Taken By The Assessee Are Reproduced As Under:

For Appellant: Shri Anoop Kumar Agarwal, CAFor Respondent: Shri Krishna Kumar, Sr. DR
Section 144C(5)Section 147Section 148Section 69

Pronouncement : 17.02.2026 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: 1. This appeal filed by the assessee is against the final assessment order passed by the Assessing Officer u/s.147 r.w.s. 144C(13) of the Act dated 28.08.2025, pursuant to the direction issued by the ld. Dispute Resolution Panel

DCIT(It)-2(2)(2), Mumbai, Bkc vs. Hsbc Bank Plc, United Kingdom

In the result, appeal of the revenue is dismissed

ITA 4621/MUM/2025[2014-15]Status: DisposedITAT Mumbai13 Feb 2026AY 2014-15

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2014-15 Dcit(It)-2(2)(2), Mumbai Hsbc Bank Plc Room No.606, 6Th Floor, Kautriya 8 Canada Square, London, Bhavan, G Block, Bkc, Bandra (E), Vs. Foreign United Kingdom- Mumbai-400051. 999999, United Kingdom. (Pan : Aabch325P) (Appellant) (Respondent) Present For: Assessee : Shri Niraj Sheth, Advocate Revenue : Shri Krishna Kumar, Sr. Dr Date Of Hearing : 17.11.2025 Date Of Pronouncement : 13.02.2026 O R D E R Per Girish Agrawal: This Appeal Filed By The Revenue Is Against The Order Of Ld. Cit(A)- 56, Mumbai Vide Order, Dated 02.04.2025, Passed Against The Assessment Order By Ld. Dcit (It) 2(2)(2), Mumbai U/S. 144C(3) R.W.S. 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), Dated 05.02.2018, For Ay 2014-15. 2. Grounds Taken By The Revenue Are Reproduced As Under: 1. "Whether, On The Facts & In The Circumstances Of The Case & In Law, For The Issue Of Expenses Of Rs. 3,77,38,994/-, The Cit(A) Has Erred In Relying On Para 16 Of Itat'S Order For A.Y. 2011-12 & Para 8 Of Itat'S Order For A.Y. 2012-13 & 2013-14 As The Orders U/S. 143(3) R.W.S. 144C(3) For A.Y.S 2011-12, 2012-13 & 2013-14 Never Examined The Issue Of 'Royalty' For The Reimbursement Received From Hsbc Securities & Capital Markets (India) Private Limited (Hsch).”

For Appellant: Shri Niraj Sheth, AdvocateFor Respondent: Shri Krishna Kumar, Sr. DR
Section 143(3)Section 144C(3)Section 92C

passed by the ld. AO on 29.12.2017. Assessee requested the ld. AO to finalize the assessment order based on the draft order. Thus, final assessment order u/s. 143(3) r.w.s. 144C(3) of the Act was passed on 05.02.2018 by assessing the total income at Rs.97,68,25,432/- after

Unilever India Exports Limited, Mumbai vs. Deputy Commissioner of Income-Tax Central Circle - 5(2), Mumbai

In the result, both the appeals of the assessee for Assessment Years 2015–16 and 2016–17 are allowed

ITA 4157/MUM/2025[2016-17]Status: DisposedITAT Mumbai12 Feb 2026AY 2016-17

Bench: Shri Amit Shukla& Shri Makarand Vasant Mahadeokar & Unilever India Dcit Central Exports Limited, Circle-5(2), Unilever House, B. D. Vs. Room No. 427, 4Th Sawant Marg, Floor, Kautilya Chakala, Andheri Bhawan, C-41 To C- East, Sahar P & T 43, G Block, Bandra Colony, S. O. Kurla Complex, Mumbai-400 099 Bandra (East), Mumbai- 400 051. Pan/Gir No. Aaaci0991D (Applicant) (Respondent) Assessee By Ms. Karishma Phatarphekara/W Shri Harsh Shah & Shri Shreyas Sardesai, Ld. Ars Revenue By Shri Pankaj Kumar, Ld. Dr Date Of Hearing 13.01.2026 Date Of Pronouncement 12.02.2026

Section 143(3)Section 144C(13)Section 144C(5)Section 254

Date of Pronouncement 12.02.2026 आदेश / ORDER PER MAKARAND VASANT MAHADEOKAR, AM: These two appeals filed by the assessee are directed against the final assessment orders passed under section 143(3) read with section 144C(13) read with section 254 of the Income-tax Act, 1961 [hereinafter referred ... TNMM. The DRP further held that the remand by the Tribunal permitted fresh examination and justified the adoption of Internal TNMM. Consequently, the final assessment orders dated 17 April 2025 for Assessment Year 2015–16 and 25 April 2025 for Assessment Year 2016–17 were passed under section

Firstrand Bank Limited, Mumbai vs. The Assistant Comm. of Income Tax-Circle-2(3)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 2502/MUM/2022[2018-2019]Status: DisposedITAT Mumbai12 Feb 2026AY 2018-2019

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2018-19 Firstrand Bank Limited The Assistant Commissioner Of C-53, G-Block, 5 Th Floor, Income-Tax, Tcg Financial Centre, Circle-2(3)(1), Bandra-Kurla Complex, Mumbai Vs. Bandra (East)., Mumbai -400051 (Pan: Aabcf1632P) (Appellant) (Respondent) Present For: Assessee : Shri Paras Savla, Advocate Revenue : Shri Annavaram K, Sr. Dr Date Of Hearing : 14.11.2025 Date Of Pronouncement : 12.02.2026 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Final Assessment Order Passed Pursuant To The Directions Of Ld. Dispute Resolution Panel- 1, Mumbai, Vide Order No. Itba/Drp/F/144C(5)/2022- 23/1043517868(1), Dated 22.06.2022, Passed U/S. 144C(5) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), For Assessment Year 2018-19. 2. Grounds Taken By The Assessee Are Reproduced As Under:

For Appellant: Shri Paras Savla, AdvocateFor Respondent: Shri Annavaram K, Sr. DR
Section 144C(5)Section 40Section 9(1)(vi)

Date of Pronouncement : 12.02.2026 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the final assessment order passed pursuant to the directions of ld. Dispute Resolution Panel- 1, Mumbai, vide order no. ITBA/DRP/F/144C(5)/2022- 23/1043517868(1), dated 22.06.2022, passed ... Assessing Officer to complete the assessment as proposed in the draft assessment order. Pursuant to the said directions, final assessment order was passed determining total loss at Rs.3,38,09,095/-. Aggrieved, assessee is in appeal before the Tribunal. 5. We take up the grounds seriatim as reproduced above. Ground

Australia and New Zealand Banking Group Ltd., Mumbai vs. DCIT (It)-1(1)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 7487/MUM/2018[2014-15]Status: DisposedITAT Mumbai12 Feb 2026AY 2014-15

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2014-15 Australia & New Zealand Deputy Commissioner Of Banking Group Ltd. Income-Tax – 1(1)(2), Unit A, Sixth Floor, Mumbai Cnergy Centre, Appasaheb Marathe Marg, Vs. Prabhadevi, Mumbai – 400 025 (Pan : Aaica3008P) (Appellant) (Respondent) Present For: Assessee : Shri Madhur Agrawal, Advocate Revenue : Shri Annavaram K., Sr. Dr Date Of Hearing : 14.11.2025 Date Of Pronouncement : 12.02.2026 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Final Assessment Order Passed Pursuant To The Directions Of The Dispute Resolution Panel-1, Mumbai, (Drp) Vide Order Dated 04.09.2018 U/S. 144C(5) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), For Assessment Year 2014-15. 2. Grounds Taken By The Assessee Are Reproduced As Under: Ground 1: Determination Of The Arm'S Length Price (Alp) Of The International Transaction Relating To Processing Fees Received On Account Of Guarantees Issued To Indian Companies Based On Counter-Guarantee From Overseas Branches

For Appellant: Shri Madhur Agrawal, AdvocateFor Respondent: Shri Annavaram K., Sr. DR
Section 133(6)Section 144C(5)Section 92C

Date of Pronouncement : 12.02.2026 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the final assessment order passed pursuant to the directions of the Dispute Resolution Panel-1, Mumbai, (DRP) vide order dated 04.09.2018 u/s. 144C(5) of the Income ... assessee Adjustment amount 2,25,13,339 2.5. The very same TP adjustment was incorporated in the final assessment order passed by the ld. AO u/s.143(3) r.w.s. 144(C) (13) of the Act dated 24.07.2024 pursuant to the directions of the ld. DRP. 3. During the course of hearing