2021 (8) TMI 979

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ntal appeal is time barred by 63 days. The ld. AR did not raise any objection to the condonation of the delay. The delay is hereby condoned and the appeal is admitted for hearing. 3. The only issue raised by the Revenue in its appeal is against the deletion of transfer pricing addition towards interest on debentures/CCDs. 4. Briefly stated, the facts of the case are that the assessee is a leading real estate development, township development, construction and property Management Company of Pune. It initiated some major real estate development projects including development of one of the largest township - Amanora Park Town at Hadapsar, Pune. A return was filed declaring total income of Rs. 41.87 crore. The assessee reported certain in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on debentures/CCDs paid by the assessee at 17.5% and restrict the addition to 1.13% in a certain eventuality. Both the sides have come up in their respective appeals before the Tribunal. 5. Having heard both the sides through Virtual Court and gone through the relevant material on record, it is seen that similar issue came up for consideration before the Tribunal in the assessee's own case for the immediately preceding assessment year 2013-14. In fact, the TPO also referred to his own decision taken for the assessment year 2013-14 for determining NIL ALP. The Tribunal, vide its order dated 18-12-2020 in ITA No.772/PUN/2018, has countenanced the assessee's stand by holding that the assessee rightly issued debentures and CCDs to its AEs a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... If, for example, as a result of a judicial decision given while the appeal is pending before the Tribunal, it is found that a non-taxable item is taxed or a permissible deduction is denied, we do not see any reason why the assessee should be prevented from raising that question before the tribunal for the first time, so long as the relevant facts are on record in respect of that item". Answering the question posed before it in affirmative, their Lordships held that on the facts found by the authorities below, if a question of law arises (though not raised before the authorities) which has bearing on the tax liability of the assessee, the Tribunal has jurisdiction to examine the same. Having gone through the subject matter of the additional....