2012 (4) TMI 653

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....eyush Jain, CIT, DR ORDER PER K.G. BANSAL : AM The facts of the case are that the return was filed on 30.10.2007 declaring nil income after claiming exemption of Rs. 24,57,26,795/- u/s 10A and adjustment of brought forward loss of Rs. 1,32,41,929/-. The case was initially processed u/s 143(1) and thereafter taken up for assessment by issuing notice u/s 143(2) dated 02.09.2008. It was foun....

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...., he suggested upward revision in the value of international transactions in respect of software development services by an amount of Rs. 52,93,42,426/- and marketing support services by Rs. 3,74,43,670/-. The draft order was passed accordingly. The assessee objected to the draft order and, therefore, the matter was referred to the Dispute Resolution Panel ('DRP' for short). The ld. DRP directed t....

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....o share the information with the assessee so that its response may be taken into account for the purpose of determining arm's length value of international transaction. In this respect reliance is placed on the decision of Bangalore Tribunal in the case of Genisys Integrating Systems (India) Pvt. Ltd. in ITA No. 1231/Bangalore/2010, to the effect that it is essential that the authorities furnish s....