AI Drafter 
TaxTMI 
TaxTMI 
2024 (11) TMI 534
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....x Act [the 'Act' in short] vide DIN & Order No. ITBA/DRP/F/144C(5)/2022-23/1043503947(1) Dated 21/06/2022 for the Assessment Year 2018-19. 2. The facts of the case, in brief, are that the DSV Air & Sea Private Limited (hereinafter referred to as 'DSV' India) is a Private Limited Company incorporated on 09/06/2006 under the Companies Act, 1956 and is a wholly owned subsidiary of DSV Air & Sea holding A/S. The company is primarily engaged in the business of freight forwarding services comprising of air freight services, sea freight services, logistics related services, and custom clearance services. In August, 2019, DSV Group acquired Switzerland based group 'Panalpina Welt Transport holding AG ('Panalpina'). Pursuant to this acquisition D....
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....nd determined the income of the assessee as under: Returned income Rs.60,49,33,680/- Assessed income u/s143(1) Rs.60,58.66,990/- Adjustment u/s 92CA Rs 21,80,43,129/- Addition on account of Bogus purchase transaction Rs.85,87,489/- Addition on account of any other amount allowable as deduction Rs.54,10,894/- Assessed income Rs.83,79,08,502/- 4. Aggrieved by the above order, the appellant filed appeal before us and raised following grounds of appeal: - "General Ground 1. erred in determining the total taxable income of the Appellant at Rs. 83,79,08,501 against a total income of Rs. 69,64,82,556 as offered by the Appellant in its modified return of income. Maintainability of Or....
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....taken by the Appellant 5. erred in rejecting the transfer pricing analysis undertaken by the Appellant for the international transaction of availing of intra-group services from its AEs; which is in accordance with the provisions of the Act read with the Rules; 6. erred in rejecting the use of Associated Enterprises as the tested party for the purpose of benchmarking the international transaction of availing of intra-group services without giving any consideration to the functional profile of the Appellant and the AEs; 7. erred in not appreciating that the intragroup services are availed for the purpose of the Appellant's primary business operations of freight forwarding services and that the cost pertaining t....
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....the appellant to support the genuineness of the transactions entered with the identified vendors. Your Appellant prays for deleting the addition made to the total income of the Appellant on account of alleged bogus business purchases of Rs. 85,87,489 under Section 37(1) of the Act. Erroneous disallowance pertaining to reversal of lease rental accruals and profit on sale of asset 12. erred in making an addition amounting to Rs. 53,91,234 pertaining to reversal of lease rentals accruals claimed as an allowance in the year under consideration, without appreciating that such amount was already disallowed in the computation of income of the year(s) when such provision was made, thereby resulting in double disallowance.....
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....mounting to Rs. 5,62,031. Your Appellant prays for directions to be given for grant of entire credit of taxes deducted at source amounting to Rs. 5,62,031. Non grant of self-assessment tax 16. has erred in not granting any credit for self- assessment tax amounting to Rs. 8,49,68,000. A self- assessment tax of Rs. 3,57,50,000 was paid pursuant to filing of the original return of income and Rs. 4,92,18,000 was paid pursuant to filing of the modified return of income. Your Appellant prays for directions to be given for grant of entire self-assessment tax amounting to Rs. 8,49,68,000. Levy of interest under Section 2348 of the Act 17. has erred in levying interest under Section 234B amountin....