2023 (3) TMI 389

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For the Revenue : Shri Manjunath Karkihalli, CIT ORDER Per: Padmavathy, A.M. This is an appeal filed by the assessee against the order of the Assisstant Commissioner of Income Tax, Circle 1(1)(1) Bangalore., under Section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (the Act) dated 31.05.2022 for AY 2018-19. 2. The assessee has raised the following grounds of appeal: - ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er 2021 entered into by the Appellant with the Central Board of Direct Taxes (`CBDT') in respect of FY 2015-16 to FY 2019-20. 4. The learned AO erred by not considering modified tax return filed by the Appellant on 28th March 2022 under section 92CD of the Act giving effect to the terms of the APA by offering additional income of Rs. 12,57,62,590 and paying consequent tax and interest....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion 143(2) of the Act was duly served on the assessee. Since the assessee had international transactions reference was made to the Transfer Pricing Officer (TPO) for computation of arm's length price (ALP). During the transfer pricing proceedings the TPO determined an adjustment of Rs.17,80,71,602/-. The AO prepared the draft assessment order passed as TP adjustment. Aggrieved, assessee filed its....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ore the Tribunal. 6. During the course of hearing the learned A.R. submitted that the assessee has filed the modified return and also paid the tax on the same. The learned A.R. further submitted that the final assessment order passed dated 31.05.2022 is much after the filing of the modified return and the AO is not right in retaining the TP adjustment on the ground that modified return was not ....