2024 (12) TMI 103

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....company filed its original return on 30.11.2017 declaring a total income of Rs. 1277,69,64,410/- under the normal provisions and Rs. 537,41,47,069/- u/s 115JB of the Act. The return of income filed by the assessee was further revised and thereafter the case of the assessee was picked up for scrutiny. During the course of assessment proceedings, a reference was made to the ld. TPO for determining ALP in respect of the international transactions entered into by the assessee with its Associated Enterprises (AE). Afterwards, the AO completed the assessment vide order dated 16.08.2021. 3. Thereafter the Ld PCIT issued a notice dated 15.02.2024 u/s 263, proposing to revise the order of the AO. In this notice the PCIT observed as under: - ....

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....ital India Pvt Ltd had issued 252,41,4R) equity shares having face value of Rs. 10 per share to M/S Cisco Systems India Pvt Ltd. In view of the above, M/S Cisco Systems India Pvt Ltd credited excess number of equity shares of 75,88,22,560 (328,29,84,000 - ,440) values at Rs. 758,82,25,600/-. This resulted in unexplained cash credit u/s 68 r.w.s. 115BBE of This resulted in short levy of tax of Rs. 896,87,13,542/- including interest u/s 234B of Rs. 310,68,096,266/-. In the circumstances, it is proposed to set aside the assessment order dated 16- 08-2021 for the A.Y. 2017-18 to be reframed accordingly by virtue of the powers conferred upon the undersigned under the provisions of Section 263 of the Income-tax Act, 1961." 4. In respo....

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....of CISCO System Capital India Pvt Ltd considering the fact that total Cisco System Captial India Pvt Ltd had total authorized shares including equity and preference shares of 256,00,00,000 having face value of Rs 10 per share. As per the share transfer agreement dated 14.07.2016 the entire equity shares of Cisco System India Pvt Ltd in Cisco Mauritius Inc were transferred to Cisco India Pvt Ltd. It is pertinent to note here that Cisco Mauritius Inc had only 252,41,61,440 equity shares which were transferred to Cisco System India Pvt Ltd during FY 2016-17." 6 Aggrieved with the view of the ld. CIT, the assessee has come up before us and raised 5 grounds of appeal. However, the solitary issue which we have to decide is whether the jurisdic....