TaxTMI 
TaxTMI 
TaxTMI 
2023 (3) TMI 220
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....for the assessment year 2007-08. 2. FSSL had filed its return of income for the Assessment Year 2007-08 on 26.10.2007 declaring a total income of Rs.17,64,76,208/-. The said return was picked up for scrutiny under Section 143(3) of the Income Tax Act, 1961 (hereafter 'the Act'). On 27.09.2010, the Transfer Pricing Officer passed an order proposing an addition of Rs.8,96,40,636/- on account of corporate charges. Thereafter, on 24.12.2010, the Assessing Officer passed a Draft Assessment Order proposing to assess FSSL's income for the relevant assessment year at Rs.2,43,55,56,670/- by disallowing the project expenses to the extent of Rs.39,15,46,619/- and disallowing deduction under Section 10B of the Act quantified at Rs.177,78,93,207/-. 3.....
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....f the Act, was remanded to the Assessing Officer to decide afresh in the light of the observations made in the order. The relevant extract of the Tribunal's order dated 07.01.2016 directing as above is reproduced below: "16. Accordingly we set aside the issue in respect of TP adjustment to the file of TPO for denovo adjudication. Needless to say, the assessee will be allowed a reasonable opportunity of being heard in such proceedings. Thus grounds raised are therefore allowed for statistical purposes. xxxx xxxx xxxx 22. Grounds 4 to 4.1 relate to disallowance of deduction of Rs.1,77,78,93,207/- under section 10B of the Act. 23. The facts in brief as relevant to the instant year are that units of the assessee company are set up in So....
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....the filed AO by observing in order dated 21.1.2011 as under: "8. It was submitted by the learned counsel for the assessee that the issue is squarely covered in favour of the assessee by the decision of Hon'ble jurisdictional High Court in the case of CIT vs. Legato Systems India Pvt. Limited, 203 CTR 101 (Del.). The order of Hon'ble High Court in this regard is as under :- "The Tribunal has recorded a finding of fact that the respondent assessee was not an old unit already in existence so as to be disentitled to the benefit of exemption under s.10A of the IT Act. It has, on that finding, remitted the matter back to the AO with the following directions : "We, therefore, set aside the orders of the authorities below on this point and re....
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....-07 stands dismissed by Hon'ble High Court in an order dated 20.12.2011. Accordingly, we set aside the assessment order and restore the issue to the file of Assessing officer to consider the issue afresh in light of the above discussion. The AO should provide adequate proper adequate opportunity to the appellant company. Grounds raised are accordingly allowed for statistical purposes." 6. Concededly, the Assessing Officer has not passed any order pursuant to the order dated 07.01.2016 passed by the Tribunal. 7. In the aforesaid context, the petitioner prays that the refund due to FSSL (which is now amalgamated with the petitioner company) amounting to Rs.26,01,53,355/-, be refunded to the petitioner along with applicable interest. The sai....
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....ny person in consequence of or to give effect to any finding or direction contained in an order under section 250, 254, 260, 262, 263, or 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act; ..." 9. Section 153 of the Act was amended by the Finance Act, 2017 with retrospective effect from 01.06.2016 and the provision regarding limitation for framing an assessment pursuant to any order passed inter alia under Section 254 of the Act was included under sub-section (3) of Section 153 of the Act. Sub-sections (3) and (4) of the Section 153 of the Act as applicable for framing the assessment pursuant to the order dated 07.01.2016 passed by the Tribunal read as under: "153. (3) Notwithstan....