2023 (8) TMI 1014

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... resident of USA. The assessee is a registered Foreign Portfolio Investor [Category-III]. The assessee primarily invests in shares to earn Long Term Capital Gains and dividend income. During the period relevant to AY under appeal, the assessee had sold equity shares of Stride Aerolabs Ltd. for a total consideration of Rs. 1,99,94,497/-. The assessee earned Long Term Capital Gain (LTCG) on sale of aforesaid shares, the said LTCG was claimed as exempt from tax under section 10(38) of the Act. There being no taxable income during the relevant previous year, the assessee did not file any return of income. A notice under section 148 was issued to the assessee on 30.04.2021 for non-filing of return of income. In response to the said notice, the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ere granted to the assessee by AO to make submissions, but the assessee choose not to cooperate and did not file the requisite information as sought by the AO. The AO had no option but to complete assessment u/s 144 of the Act. He pointed that the assessee failed to file objections before the DRP within the time specified under the provisions of the Act. The DRP has no power to condone delay in filing of the objections, hence, the DRP rightly rejected the objections on the ground of limitation. In support of his submissions, he placed reliance on the decision in the case of Inno Estates (P.) Ltd. Vs. DRP-2(2018) 96 taxmann.com 646 (Madras). 5. We have heard the submissions made by rival sides and have examined the orders of authorities bel....