TaxTMI 
TaxTMI 
2024 (9) TMI 954
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....tion of AY 2011-12 11,08,38,823 8. Allowance of brought forward unabsorbed depreciation of AY 2012-13 8,94,67,868 9. Allowance of brought forward unabsorbed depreciation of AY 2013-14 5,66,34,149 10. Allowance of brought forward unabsorbed depreciation of AY 2014-15 76,90,736 11. Transfer pricing (TP) TP adjustment in respect of import of analyzers (Assembling segment) 1,68,03,223 12. Excess amount paid for acquisition of Alfa Aesar Division 17,23,21,782 13. Allowance of brought forward business loss of Rs 2,44,31,931 84,55,403 14. Failure to grant partial credit of Tax Deducted at Source (TDS) 5,87,938 15. Initiation of penalty proceedings Nil Total Tax Effect 91,92,96,590 Additional Grounds 16. Challenging the period of limitation for passing the transfer pricing order by the Transfer Pricing Officer (TP('(TPO') Nil 17. Entire proceedings initiated by the Assessing Officer (AO) under section 144C of the Act is bad in law in the absence of a valid TP order. Nil 18. In absence of valid TPO's order the AO is required to complete the assessment within the due date as prescribed under section 153 of the Ac....
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....icing Officer (TPO). 2. Entire proceedings initiated by the Assessing Officer (AO) under section 144C of the Act is bad in law in the absence of a valid TP order. 3. In absence of valid TPO's order the AO is required to complete the assessment within the due date as prescribed under section 153 of the Act since the order is not passed within the time limit as prescribed the assessment order is barred by limitation." 4. During the course of appellate proceedings, at the outset, the ld. Counsel contested the additional ground of appeal filed by the assessee that Transfer Pricing Officer order passed u/s 92CA(3A) of the Act on 01.11.2019 was time barred. In this regard, the ld. Counsel has placed reliance in the case of Pfizer Healthcare India Private Limited vs JCIT 433 ITR 028 (Madras) and various decisions of ITAT, Mumbai on the similar issue as under: "i. Atos India Pvt. Ltd. vs DCIT (Mum Trib) (ITA No. 1795/Mum/2017)-AY 2012-13 ii. M/s. Mondelez India Food Private Limited vs ACIT (ITA No. 1492/Mum/2015) -AY 2010-11. iii. Colgate Palmolive (India) Limited vs ACIT (ITA No. 3488/Mum/2016)-AY 2011-12 iv. Bristol-Myers Squibb India Private Limited vs ACIT (Mum Trib) (ITA ....
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.... 01.11.2019 I Date of draft assessment order u/s 143(3) r.w.s. 144C(1) of the Act 23.12.2019 J Date of DRP Directions u/s 144C(5) of the Act 26.02.2021 K Date of final assessment order u/s 143(3) r,w,s, 144C(13) of the Act 30.03.2021 Note 1: Calculation of break-up of sixty days December: 30 days (excluding 31.12.2019) November: 30 December 30 days (excluding 31.12.2019) November: 30 7. The relevant provisions of Sec. 92CA(3A) is reproduced as under: Section 92CA (3A) "(3A) Where a reference was made under sub-section (1) before the 1st day of June, 2007 but the order under sub-section (3) has not been made by the Transfer Pricing Officer before the said date, or a reference under sub-section (1) is made on or after the 1st day of June, 2007, an order under sub-section (3) may be made at any time before sixty days prior to the date on which the period of limitation referred to in section 153, or as the case may be, in section 153B for making the order of assessment or reassessment or recomputation or fresh assessment, as the case may be, expires:" Section 153(1) "Time limit for completion of assessment and reassessments- ....
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....f the Apex Court in Grasim Industries Ltd. v. Collector of Customs 2002 taxmann.com 1803, wherein, it was held as follows : "10. No words or expressions used in any statute can be said to be redundant or superfluous. In matters of interpretation one should not concentrate too much on one word and pay too little attention to other words. No provision in the statute and no word in any section can be construed in isolation. Every provision and every word must be looked at generally and in the context in which it is used. It is said that every statute is an edict of the legislature. The elementary principle of interpreting any word while considering a statute is to gather the mens or sententia legis of the legislature. Where the words are clear and there is no obscurity, and there is no ambiguity and the intention of the legislature is clearly conveyed, there is no scope for the court to take upon itself the task of amending or alternating (sic altering) the statutory provisions. Wherever the language is clear the intention of the legislature is to be gathered from the language used. While doing so, what has been said in the statute as also what has not been said has to be noted. The....
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....ave passed the order on or before 31-10-2019 as orders are to be passed before the 60th day. Therefore, either way the contention of the Revenue is a fallacy and has no legs to stand. Mandatory or Directory 31. The next contention that has been raised by the learned senior standing counsel for the appellants is that the usage of the word "may" in section 92CA (3A) indicates that the time fixed is only directory, a guideline, not mandatory and is for the sake of internal proceedings. 32. Let us now examine the relevant procedures relating to Transfer Pricing. After an international transaction is noticed subject to satisfaction of section 92B, a reference is made to the TPO under sub-section (1) of section 92CA of the Act. The TPO after considering the documents submitted by the assessee is to pass an order under section 92CA (3) of the Act. As per section 92CA(3A), the order has to be passed before the expiry of 60 days prior to the date on which the period of limitation under section 153 expires. As per 92CA(4), the assessing officer has to pass an order in conformity with the order of the TPO. After receipt of the order from the TPO determining ALP, the assessing officer is....
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....e or failure on the overall scheme and object of the provisions would have to be considered while determining whether it is mandatory or directory. 37. At this juncture, it is noteworthy to mention the commentary of Justice G.P.Singh on the interpretation of statutes, Principles of Statutory Interpretation (1st Edn., Lexis Nexis 2015), which is quoted below for ready reference: ' The intention of the legislature thus assimilates two aspects: In one aspect it carries the concept of "meaning" i.e. what the words mean and in another aspect, it conveys the concept of "purpose and object" or the "reason and spirit" pervading through the statute. The process of construction, therefore, combines both literal and purposive approaches. In other words the legislative intention i.e. the true or legal meaning of an enactment is derived by considering the meaning of the words used in the enactment in the light of any discernible purpose or object which comprehends the mischief and its remedy to which the enactment is directed. This formulation later received the approval of the Supreme Court and was called the "cardinal principle of construction".' 38. In case of assessments invol....