2021 (5) TMI 1043

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....DICIAL MEMBER For the Appellant : Sh Ketan Ved-CA For the Respondent : Sh. Prabha Kant, CIT-DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER, With this appeal, the assessee has challenged the order dated 07.09.2018 framed u/s 143(3) r.w.s. 144C(13) of the Act for Assessment Year 2014-15. 2. The first challenge is that the assessment order is barred by limitation and the second chall....

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.... justifying that the principal purpose of the company, conduct of its business and the acquisition or maintenance by it of the shareholding or the other property from which income in question has been derived or motivated by sound business principals/reasons and they do not have a primary purpose of obtaining treaty benefits. The assessee filed necessary details with detailed submissions. After co....

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....ndings of the lower authorities. 7. We have given a thoughtful consideration to the orders of authorities below. The Assessing Officer proposed that the interest income is to be taxed @ 20% u/s 115A(1)(a)(ii) of the Act as under:- Particulars Amount (in Rs.) As per returned income   Interest income earned by the assessee 24,82,52,000 Tax at beneficial tax rate as per D....

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.... 9. A perusal of the aforesaid provisions shows that the Assessing Officer shall forward the draft of the proposed order if he proposes to make any variation in the income or loss returned. The aforestated proposal in the draft assessment order clearly show that the Assessing Officer did not intend to make any variation in the income of the assessee, therefore, the assessment order should have be....