2022 (3) TMI 654

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.... Fenil Bhatt for the respondent ORDER (Dictated in the open court) Per Pramod Kumar, VP: 1. By way of this application, the Assessing Officer points out, what he perceives as, certain mistakes apparent on record in the order dated 25th February 2021 passed by us. 2. The stand of the Assessing Officer, as evident from the rectification petition, is as follows:- The common order is passed b....

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....ncome or by varying the tax rates on the returned income". 2. "On the facts and circumstances of the case and in law, the Hon'ble ITAT was not justified in quashing the assessment order passed by the AO u/s. 143(3) r.w.s 144C/13), when the order passed by the AO enhancing the tax liability of the assessee by four times was clearly prejudicial to the interest of the assessee?" 3. "On the ....

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.... has made certain investments in compulsory convertible debentures (CCDs) of an Indian Company- Krona Realties Private Limited (Krona). During the financial year ending 31 March 2014, the assessee received interest amounting to Rs. 8,74,22,137 on these CCDs. The assessee offered the amount to tax @10% claiming benefit of the beneficial provisions of the Article 11(2) of the India-Cyprus DTAA (here....

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....under section 143(3) read with section 144C(1) of the Act, even when no variation has been proposed therein to the income or loss returned by the appellant. Aggrieved the assessee filed appeal before the Hon'ble ITAT. Hon'ble ITAT decision : The Hon'ble ITAT has allowed the appeal of the assessee as the impugned assessment order itself is held to be time barred, all other grievances....