TaxTMI 
TaxTMI 
2023 (8) TMI 587
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.... effect (in INR) 1. The Order/ Directions are bad in law and on facts NA 1.1 The assessment order passed by the Ld. Deputy Commissioner of Income Tax, Circle - 3(1)(1) ('Ld AO') under Section 143(3) read with Section 144C (13) of the Income-tax Act, 1961 ('the Act'), is bad in law and on facts and is in violation of the principles of natural justice. Without prejudice to the generality of the above, the order issued by the Ld. AO is bad in law in so far as the fact that the Ld. AO did not issue to IMS Health Analytics Services Private Limited (`the Appellant or 'the Company'), a show cause notice for such reference, as per proviso to Section 92C(3) of the Act. 1.2 The Ld. AO has erred i....
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....ting the delayed receivables as unsecured loan advanced by the Appellant to its AE and treating the delayed receivables as an international transaction and computing notional interest on the same. 3.2 Without prejudice, in any event the delayed receivables cannot be treated as a separate international transaction and if at all, ought to be aggregated with the principal transactions. 3.3 Without prejudice, the Ld. Panel erred in determining the interest by applying SBI PLR interest rate although the invoices are raised by the Appellant in foreign currency. 4. Recharacterization of Compulsorily Convertible Debentures ('CCDs') as an equity instrument and recomputing the arm's length p....
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....x paid NA 8.1 The Ld. AO erred in granting credit for advance taxes paid only to the extent of INR 122,000,000 (as against INR 147,000,000 claimed in the return of income) thereby resulting in short grant credit for advance taxes amounting to INR 25,000,000. 9. Short grant of credit for refunds adjusted against AY 2018-19 NA 9.1 The Ld. AO erred in not granting credit for all adjustment of refunds pertaining to other AYs adjusted against AY 2018-19 thereby resulting in short grant of credit for such refund adjustments in the assessment order for AY 2018-19. 10. Erroneous computation of interest under Section 2348 of the Act NA 10.1 The Ld. AO erred in computing interest under Sectio....
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....Ltd. under a scheme of amalgamation, approved by the Hon'ble National Company Law Tribunal, Bengaluru Bench vide order dated 25.03.2019. It is submitted that the appointed date as per the scheme of amalgamation approved was 01.04.2017, and the assessee filed revised return of income for AY 2018-19 on 29.03.2019 considering details of both the entities. 2.4 The Ld.AO noticed that as the assessee entered to International Transactions with its Associate Enterprises(AE), a reference was made to Transfer Pricing Officer (TPO) u/s.92CA of the Act on 04.06.2020, after obtaining necessary approval of the Competent Authority. The order of the Ld.TPO u/s. 92CA(3) was passed on 30.07.2021. 2.5 The Ld.TPO in his order has concluded the Arm....
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....rities below which has not been considered. Referring to page 2474, the Ld.AR submitted that, the assessee is eligible for foreign tax credit amounting to Rs. 1,217,475/-. The Ld.CIT.DR relied on the orders passed by authorities below. In the interest of justice, we remand this issue to the Ld.AO/TPO to consider the claim of assessee in accordance with law. Accordingly, this ground raised by assessee stands allowed for statistical purposes. 6. Ground no. 6 is in respect of levy of interest u/s. 234A of the act. It is the submission by the Ld.AR that, the assessee had filed the return of income on 30.11.2018 for the relevant Assessment Year which is placed at page 2476 of the paper book. He submitted that the return of income was....