2025 (7) TMI 1563

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....n 144C(1) of the Act, dated 26.12.2023. The Assessee has filed Revised Grounds of appeal as under : "Revised Grounds of appeal : 1. Ground 1: Erroneous adjustment under section 143(1) ought to have been addressed in the regular assessment proceedings. 1.1 On the facts and in the circumstances of the case and in law, the learned Dispute Resolution Panel("Ld. DRP") erred in holding that the adjustments made under section 143(1) by the Assessing Officer, Centralized Processing Centre ("Assessing Officer (CPC") cannot be addressed during the course of assessment proceedings under section 143(3) of the Income-tax Act, 1961 ("the Act"). 1.2 In doing so, the learned DPR erred in : a) Not appreciating th....

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....ions from the Ld. DRP to such effect. Hence, the impugned addition/adjustment is liable to be deleted. 2.2 Without prejudice to the above, the addition/enhancement made in the final order is liable to be deleted, as the same was made without prior intimation or notice of enhancement, either by the Ld. DRP or the Ld. AO, as mandated under the relevant provisions of the Act including section 144C(11) of the Act. 3. Ground 3: Erroneous denial of prepaid tax credit pertaining to the Amalgamating Entity 3.1 In the facts and circumstances of the case and in law, the Ld. DRP and Ld. AO has erred in denying credit of prepaid taxes amounting to INR 1,35,68,223 related to the amalgamating entity, Switzer Process Instruments....

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.... 23,01,44,193/-. 2.2 The Assessee filed Objections before the Dispute resolution Panel (DRP). The DRP vide its order dated 29/09/2024 directed the TPO/AO to delete the addition. Accordingly, the Assessing Officer passed Assessment Order u/s 143(3) r.w.s 144C(13) on 25/10/2024. The relevant paragraphs number 6, 7 and 8 of the Assessment Order are reproduced here as under: "06. The TPO vide ITBA/COM/F/17/2024-25/1069613672(1) dated 11.10.2024 adhering to the directions by Ld.DRP deleted the adjustment of Rs. 2,45,91,683/- in respect of the international Transaction of the assessee for AY 2021-22. 07. In view of this discussion, the total income of the assessee is assessed as under Particular Amount (Rs.) Income a....

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....bjections are received within the period specified in sub-section (2). 4...................... ............... (13) Upon receipt of the directions issued under sub-section (5), the Assessing Officer shall, in conformity with the directions, complete, notwithstanding anything to the contrary contained in section 153 or section 153B, the assessment without providing any further opportunity of being heard to the assessee, within one month from the end of the month in which such direction is received." 2.5 Thus, as per the Section 144C, which is applicable in the case of the assessee, the Assessing Officer has to first issue a draft Assessment Order specifying the proposed additions then the Assessee has right to f....