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TMI Blog2014 (2) TMI 381X X X X Extracts X X X X X X X X Extracts X X X X ..... P – there was merit in the prayer of the assessee - thus, the order of the AO and the DRP-1 and remand the matter to the files of the AO for fresh adjudication – Decided partly in favour of Assessee. - I.T.A. No. 9068/M/2010 - - - Dated:- 20-9-2013 - Shri B. R. Mittal, JM and Shri D. Karunakara Rao, AM,JJ. For the Appellant : Mr. Majoj Purohit For the Respondent : Mr. Narendra Kumar ORDER Per D. Karunakara Rao, AM: This appeal filed by the assessee on 27.12.2010 is against the order of the AO u/s 143(3) read with section 144C(13) of the Act dated 20th October, 2010. Order was passed by the DDIT (International Taxation)-3(2), Mumbai and the grounds read as under: 1. The Ld DDIT erred in assessing the total incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .3. The appellant submits that the Ld DDIT be directed to deduct the interest paid by the Indian Office to the head office and other overseas offices and recomputed the appellant‟s total income and tax thereon accordingly. 5. The Ld DDIT erred in initiating penalty u/s 271(1)(b). 6. The Ld DDIT erred in initiating penalty u/s 271(1)(c). 2. Briefly stated relevant facts of the case are that the assessee is engaged in the business of Banking, Forex, Investment and Treasury Operation etc. Assessee filed its return of income declaring the total loss at Rs. 130,08,00,148/-. During the scrutiny proceedings, there is no cooperation of the assessee and nobody appeared before the AO and therefore, no details were furnished. Considering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he requested the Bench to set aside conclusions of the AO/DRP and remand the matter to the files of the AO for examining the issue afresh in the light of the applicable provisions of the law, Act or the Treaty provisions. 5. On the other hand, Ld DR relied on the order of the AO and the directions of the DRP-1. 6. We have heard both the parties and perused the orders of the Revenue Authorities and the material placed before us. On hearing both the parties and considering the interest of justice, we accede to the request of the assessee for remanding the issue to the files of the AO for fresh examining after considering the Act/treaty, any relevant precedents/ Special Bench decision in the case of Sumitomo Mitsui Banking Corporation vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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