2023 (10) TMI 703

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....Act, 1961 [in short, "Act"]. 2. The principal grievance articulated on behalf of the petitioner by Mr Deepak Chopra is that the Commission misdirected itself in law by rejecting its application. 2.1 It is pointed out by Mr Chopra that the rejection of the application filed on behalf of the petitioner was predicated on two grounds: (i) First, there should be an obligation to pay tax amounting to Rs. 10 lakhs or above, which, according to the Commission, was not satisfied. (ii) Second, the Commission's inability to examine issues concerning transfer pricing in the absence of power vested in it in that behalf. 3. The Commission concluded that the transfer pricing issues which fell under Chapter X of the Act is a code....

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....ctivity since then. 7. Insofar as the other ground on which the Commission had decided not to entertain the petitioner's application, which was that it could not deal with transfer pricing issues, Mr Chopra informed us that the Transfer Pricing Officer (TPO) had made upward adjustments with regard to the international transaction concerning corporate guarantee for AYs 2012-13 and 2013-14, which in any event, had been accepted by the petitioner. 7.1 In this context, our attention was drawn by Mr Chopra to the remand report dated 19.09.2017 emanating from the office of the TPO. 8. In sum, it was Mr Chopra's contention that as far as the transfer pricing issue is concerned, it is no longer res integra as the petitioner has accepted th....

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....ted by DOT to the private applicants on or after January 10, 2008 and subsequent allocation of spectrum to the licensees were also cancelled. As a consequence of this order, 22 UASLs of the Company were also cancelled." Observations made by the auditor as on 31.03.2016: "2. Discontinuation of Operations The Hon'ble Supreme Court of India vide its order dated February 2, 2012 had cancelled the 2G licenses issued pursuant to the press release of January 10,2008 issued by DOT and accordingly, UASLs granted by DOT to the private applicants on or after January 10, 2008 and subsequent allocation of spectrum to the licensees were also cancelled. As a consequence of this order, 22 UASLs of the Company were also cancel....