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TMI Blog2019 (1) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... ed line of business, in terms of the objective. Schedule 3 of the balance sheet refers to the details of the said companies. This is not in dispute. During the course of hearing, the assessee has placed before us copy of the assessment orders passed under Section 143(3) for the assessment years 2009-2010 and 2010-2011 wherein the Assessing Officer has not disputed and challenged that the assessee was engaged in business, though there was no change in the nature of business activity undertaken by the assessee. There is no merit in the present appeal and the same is dismissed. - ITA 611/2018 - - - Dated:- 13-12-2018 - MR. SANJIV KHANNA AND MR. ANUP JAIRAM BHAMBHANI JJ. Appellant Through: Mr. Ashok K. Manchanda, Sr. Standing Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lliance or any other arrangement for technical, financial and operational assistance of sharing of profits/losses with any person/body/bodies corporate incorporated in India or abroad either under a strategic alliance or joint venture or any other arrangement, the business of setting up/providing/operating/running of call centre(s) and/or infrastructural facilities or services such as telecom services, information technology, intranet, internet, e-commerce and related hardware, software. 2. To promote, undertake, carry on, acquire either on its own or by entering into agreements, contracts, partnership, alliance or any other arrangement for technical, financial and operational assistance of sharing of profits/losses with any person/bod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... managers, consultants and advisers in security matters, to investigate, research and examine the matters requiring intelligence and security services for individuals and business concerns with regard to their conditions, prospects, value, character, assets, liabilities, properties or rights and to establish and run Training Institute(s) for providing in house and external training, monitoring of job performance and developing personnel to undertake various jobs according to the needs of the Industry. XXX 9. To promote, establish, undertake, carry on, invest in, acquire either on its own or by entering into agreements, contracts, partnership, alliance or any other arrangement for technical, financial and operational assistance for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax(Appeals) observed that the respondent-assessee had made investment in subsidiary companies carrying on the business specified in its main objects. Thereafter, relying on judgment of the Supreme Court in S.A. Builders Ltd. vs. Commissioner of Income Tax (Appeals)(2007) 288 ITR 1 (SC), the Commissioner of Income Tax (Appeals) had held:- On a careful consideration of the submissions made by the appellant it is observed that the basic contention of the appellant is that while it's main objects is to promote, undertake, carry on, acquire the business of setting up/providing/running of call centres/infrastructural facilities or services such as telecom services and that it is towards this larger objects th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Memorandum of Association of the appellant company is reason enough to hold that the business of the appellant has been set up in terms of it's Memorandum of Association. In my considered view there is no legal or statutory requirement of direct and first hand business operations to be conducted by the appellant himself and indulgence in business activities through subsidiaries who are in same line of business activities as stipulated in Memorandum of Association. Accordingly, the ground of appeal is allowed. The AO is therefore directed to allow carry forward of business loss as claimed by the appellant in the revised return. 7. The aforesaid findings have been affirmed by the Tribunal after referring to decisions that acq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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