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Failure Of Assessing Officer To Comply With Section 144C Of Income Tax Act Invalidates Assessment Order : Delhi High Court

The Delhi High Court held that the failure of the assessing officer to adhere to the “mandatory requirement” of Section 144C(1) of the Income Tax Act, 1961, will invalidate the final assessment order. Section 144C(1), inserted in the Act by 2009 amendment, states that Assessing Officer should forward the draft of the proposed assessment order to the eligible assessee if any variation of the income or loss returned on or after October 1, 2009 is proposed to be made to the prejudice of the assessee. On receipt of such a draft, the assessee will have an opportunity to file objections within 30 days of its receipt.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.