TaxTMI 
TaxTMI 
TaxTMI 
2023 (6) TMI 869
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.... "1. That on the fact and in the circumstances of the case and in law, the Ld. Assessing Officer ("Ld. AO") I Ld. CIT(A) has erred in initiating and completing I upholding the validity of reassessment proceedings completed by the Ld. AO under section 147 read with section 143(3) of the Act without appreciating that the said reassessment is bad in law and void-ab-initio. 2. That on the fact and in the circumstances of the case and in law, the Ld. AO I Ld. CIT(A) has erred in initiating and completing I upholding the validity of reassessment proceedings completed by the Ld. AO under section 147 without obtaining requisite satisfaction under section 151 of the Act. 3. That on the facts and in the circumstances of the case and in law, the....
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....n law in disallowing / upholding the disallowance of provision for compensated absences amounting to Rs.3,26,22,752. 7.1. That the Ld. AO / Ld. CIT(A) erred in not appreciating that the said provision was created on scientific basis and therefore is an ascertained liability and represents liability in praesenti and therefore the said provision is allowable under section 37(1) of the Act. 7.2. That the Ld. AO / Ld. CIT(A) erred in making/upholding the above disallowance under section 43B(f) of the Act without appreciating that provisions of section 43B(f) were not applicable in the present case.. 8. That the Ld. AO / Ld. CIT(A) erred on facts and circumstances of the case and in law in disallowing / upholding the disallowance of pro....
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....9, remanded the TP additions to the file of A.O./TPO. 5. The assessee had received a notice u/s 148 of the Act on 27/03/2015 directing the assessee to file return of income within 30 days from the date of service of the notice, which has been compiled by the assessee. The assessment proceedings initiated against the assessee and the assessment order dated 30/03/2016 came to be passed u/s 143(3) read with Section 147 of the Act are assessing the total income of the assessee to Rs.446,98,42,231/- by making following disallowances:- Particulars Amount (in INR) Inclusion of donation under the head 'Other Operating Expense', to be disallowed being non - business expenditure 5,53,509 Provisions for compensated absences being unascertained ....
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....horities and submitted that the invoking Section 147 is just and proper which requires no interference from the Tribunal, hence the said ground of Appeal of the Assessee is liable to the dismissed. 9. We have heard the parties and perused the material available on record. In the instant case, the original assessment order was passed on 08/11/2012, u/s 143(3) read with Section 144C of the Act by making following adjustments to the return of income:- * Transfer Pricing addition- Rs. 4,523,580,353/- * Disallowance of provision for liquidated damages- Rs. 43,206,463/- * Disallowance of software expenses-Rs.10,520,867/- The re-assessment proceedings u/s 147 of the Act were initiated by the A.O. by issuing notice dated 27/03/2015 u/s 1....
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....dent for initiating assessment proceedings in terms of proviso to Section 147 of the Act. c) Initiation of proceedings were, in any case, on mere change in opinion and/or difference of opinion which is not permissible in law; d) Reassessment proceedings have been initiated without there being any new tangible material/information and without forming independent reasonable belief that income of the appellant had escaped assessment which a pre-requisite condition for validly initiating proceedings under that section; e) Reassessment is illegal, since copy of sanction, if any, obtained under Section 151 of the Act has not been communicated to the appellant; 11. It is found from the above that, the reasons that re-assessment notice w....
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....r assessment, on the contrary, additions have been made based on the revisit of the documents filed by the assessee himself i.e. audited financial statement and computation of income. Thus, the reassessment proceedings are barred by limitation in view of proviso to Section 147 of the Act. 13. The above view of ours has been already settled in the following case laws: * Calcutta Discount Co. Ltd. vs. ITO: [1961] 41 ITR 191 (SC) * CIT v. Foramer France: [2003] 264 ITR 566 (SC) * CIT vs. Motor & General Finance Ltd: [2009] 184 Taxman 465 (Del) * BLB Limited vs. ACIT: [2012] 206 Taxman 37 (Del) * D.T. & T.D.C. Ltd. vs. ACIT: [2010] 232 CTR 260 (Del) * CIT vs. Maruti Suzuki India Ltd: [2013] 215 Taxman 495 (Del) * JSRS Udyog....