2024 (10) TMI 1486

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.... Sheth, Ms. Gunjan Kakkad and Mr. Jitendra Singh. For the Respondents : Mr. Akhileshwar Sharma. PC: 1. Mr. Mistri, the learned Senior Counsel for the Petitioner, has argued this Petition for some time. The challenge as raised in the Petition is to an Order passed by Respondent Nos. 1 and 2, under the provisions of Section 271 (1) (c), imposing penalty on the Petitioner of Rs. 15,29,18,519....

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....Section 92CD of the Income Tax Act 1961 ("the Act") a provision in relation to the effect of the Agreement which would enable the Petitioner to file a modified return. It appears that, on 30 August 2018, a Final Assessment Order was passed, wherein the transfer pricing adjustment in respect of payment of royalty was restricted to Rs. 47,13,16,113/- in terms of the APA. However, an adjustment of Rs....

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....yalty in the modified return of income. 3. It is the Petitioner's contention that in view of the modified return being filed, same was required to be taken forward and appropriate orders were to be passed. However, the Respondents, overlooking such facts and the effect which is brought about in terms of modified return being filed and as permissible in law, have issued the impugned Show Cau....