TaxTMI 
TaxTMI 
2022 (6) TMI 33
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.... from non-application of mind. He states that the source for issuance of the show cause notice is Petitioner's returns and records of transactions undertaken in normal course of business, where no adverse remarks whatsoever have been mentioned regarding the same. 3. He states that the impugned order under Section 148A(d) has arbitrarily contemplated a huge sum of Rs 3,84,12,17,094/- as having escaped assessment without any application of mind and without considering the nature of business of the Petitioner. He refers to the petitioner's detailed clarification regarding each information relied in his reply dated 24th March, 2022 which in tabular form is reproduced hereinbelow:- Information relied upon in Order under Section 148A(d) Remarks Interest under Section 194A from M/s Kodangal Solar Parks Private Limited of INR97,083/- The assessee has earned an interest income on unsecured loans given to Kodangal Solar Parks Private Limited which has been duly recorded and reported under the head "Other Income - Interest income on unsecured loans" of INR 4,37,66,327/- (refer Note No:21 of the financial statements). Fee under Section 194J from M/s.Winsol Solar Fields (Polep....
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....nd reported under the head "Other Income -Interest income on fixed deposits" of INR 1,28,71,793/- (refer Note No: 21 of the financial statements). Fee under Section 194J from M/S.Marikal Solar Parks Private Limited of INR 3,60,000/- During the relevant assessment year, the assessee has provided business support services to M/s.Marikal Solar Parks Private Limited (presently known as FS India Devco Private Limited) which has been duly recorded and reported under the head "Revenue from Operations - Business Support Services" of INR 3,42,22,691/- (refer Note No: 20 of the financial statements). Fee under Section 194J from M/S. Solarfield Energy Two Private Limited of INR 2,07,72,650/- During the relevant assessment year, the assessee has provided technical support services to M/s. Solarfield Energy Two Private Limited which has been duly recorded and reported under the head "Revenue from Operations - Technical Services Fees" of INR 2,07,72,650/- (refer Note No: 20 of the financial statements). Interest under Section 194A from M/S.Tungabhadra Solar Parks Private Limited of INR 98,52,294/- The assessee has earned an interest income on unsecured loans given to Tungabhadr....
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....ed for INR 2,82,83,272/- The assessee has earned the following interest income(s) from Winsol Solar Fields (Polepally) Private Limited during the relevant assessment year: Particulars Amount Interest Income on compulsory convertible debentures 46,42,189/- Interest Income on unsecured loans 2,36,41,083/- Total 2,82,83,272/- Here, it is humbly submitted that the aforementioned income has been duly recorded and reported under the heard "Other Income - (a) Interest income on Compulsory Convertible Debentures - INR 46,42,192/- and (b) Interest income on unsecured loans- INR 4,37,66,327/- (refer Note No: 21 of the financial statements). SFT-005: Time Deposit in Axis Bank Limited of INR (-) 127054/- The assessee has earned an interest income of INR 1,27,054/- on fixed deposits made with the Axis Bank Limited which has been duly recorded and reported under the head "Other Income - Interest income on fixed deposits" of INR 1,28,71,793/- (refer Note No: 21 of the financial statements). ITR-SAL: Amount of Salary to Amit Kumar Mittal Mr.Amit Kumar Mittal is working as a Technical Director Supply Chain BD - India in the assessee company during the relev....
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....ntam Srinivasa Rao Dontam has worked as senior manager - asset operations in the assessee company during the relevant year in question. He is an electronic engineer from a premier Institute of India who is responsible for managing the asset management department of the company. Remittance in the nature of consultancy and FTS, Hence not liable to deduct TDS - Verification Pending Assessee explained that no TDS is required to be deducted in respect of nature of service involved. 4. Learned Counsel for the Petitioner further states that the order has been passed without considering the reply dated 24th March, 2022 filed by the Petitioner in response to the Show Cause Notice dated 17th March, 2022. He states that the Respondent erred in observing that no supporting evidence had been filed by the Petitioner despite the fact that supporting evidence had been duly filed along with the reply dated 24th March, 2022. He also states that no opportunity for personal hearing was provided to the Petitioner despite specifically requesting for it vide reply dated 24th March, 2022. 5. Learned Counsel for the Petitioner states that approval under Section 151 of the Act has only been take....