2026 (1) TMI 1547

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.... circumstances of the case, the Ld. CIT(A) erred in law in upholding the order passed by the AO rejecting the assessee's claim of deduction u/s. 10(1) of the Act. 2. That the CIT(A) has passed the order without application of mind and without considering the evidence on record by merely relying upon the findings of the CIT(A) for the earlier years. 3. That the CIT(A) in law and on the facts erred in not passing a reasoned order. 4. That the orders passed by the AO and the CIT(A) are illegal as these orders have been passed without application of mind and in gross violation of principles of natural justice. 2. At the time of hearing, the Assessee has filed an application under Rule 11 of the ITAT Rules, 1963 for....

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....o the root of the matter. 4. Brief facts of the case are that the assessee filed its return of income on 30.11.2012 for the assessment year 2012-13 declaring the income of Rs. 24,25,31,318/-. The case was selected for scrutiny assessment. Order u/s. 143(3) was passed on 23.3.2016, by assessing the income at Rs. 128,32,21,949/- after addition of Rs. 100,87,51,183/- as business income as against exempt agricultural income claimed by the assessee u/s. 10(1) of the Act and income from other sources. Against the above, assessee preferred the appeal before the Ld. CIT(A), who vide his impugned order dated 03.10.2017 by following his predecessor's order in earlier years where assessee company's claim of exemption u/s. 10(1) for agricultural inc....

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....y in the contention of the Ld. Sr. Counsel for the assessee that AO has wrongly invoked the provisions of section 144C which related to a reference to the Dispute Resolution Panel. In the instant case AO had made a request to the TPO u/s. 92CA of the Act and the TPO issued the notice to the assessee. However, the TPO has not made any variation. We find that similar issue has been decided in favour of other assessee by the Hon'ble Bombay High Court in the case of Classic Legends (P) Ltd. vs. Assessment Unit [2025] 178 taxmann.com 457 (Bombay) dated 9.9.2025 wherein, in the Head Notes it has been observed as under:- "Section 144C, read with section 92CA, of the Income Tax Act, 1961 - Transfer pricing Dispute Resolution Panel (Eligibl....