2023 (3) TMI 42

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....39;), pursuant to the direction of the ld. Dispute Resolution Panel ('DRP' for short), relevant to the Assessment Year ('A.Y.' for short). 2. As the facts are identical in both these appeals, we hereby pass a consolidated order by taking ITA No. 2380/Mum/2022 as the lead case. 3. The brief facts are that the assessee is a public limited company engaged in the business of scheduled airline carrying out transportation of passengers and cargo and other allied services and was incorporated under the Companies Act, 1956 on 01.04.1992 consisting of nine directors. The assessee filed its return of income dated 29.11.2016, declaring total income at Rs.Nil under the normal provisions and book loss of Rs.Nil u/s. 115JB of the Act. 4.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Chhawchharia dated 06.03.2021, reiterating the earlier submission that the assessee company was undergoing proceedings in the NCLT was furnished. The TPO/A.O. proceeded to bench mark the international transactions and specific domestic transaction of the assessee, thereby making an adjustment which are as follows: (Draft Assessment order pg.13 of 33) 1 Slot Rent Expenses Rs.34,30,59,063/- 2 Aircraft Lease Rental Income Rs.105,39,00,000/- 3 Labour Charges for Aircraft Maintenance Services Rs.21,56,66,189/- 4 Standby Letter of Credit Commission Rs.19,67,62,500/- 5 Reimbursement of Expenses by assessee to AE Rs.59,57,65,377/- 6 International Transaction of GSA Commission Rs.24,54,84,368 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....; 5. Professional charges - as discussed above in order 18,75,00,000     6. Aircraft maintenance engg cost - as discussed above in order 1077,52,00,000     7. Selling & Distribution expenses - as discussed above in order 346,88,14,902     8. Profit on sale FFP business - as discussed above in order 346,88,14,902     9. Difference in transactions by Special Auditors - as discussed above in order 121,98,00,000     10. Profit received as share of development of Plot at BKC - as discussed above in order 153,20,00,000     11. Disallowance of provision of Redelivery of Aircraft - as discussed above in order 47,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ovision was considered for computing the tax liability of the assessee company. 7. The assessee was in appeal before us, challenging the impugned addition made by the A.O in pursuance to the direction given by the ld. DRP. 8. The ld. AR for the assessee contended that since the assessee's company was going through insolvency process before the Hon'ble NCLT, the assessee was unable to furnish the required documentary evidence along with the explanation proposed by the assessee in view of the various additions made by the A.O. The ld. AR further contended that Shri Ashish Chhawchharia has been appointed as an Authorized Representative by the Monitoring Committee for which the assessee is said to have filed Revised Form 36 dated 02.01.20....