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TMI Blog2021 (5) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... ed within three weeks from today. Rejoinder thereto, if any, will be filed before the next date of hearing. - W.P.(C) 5429/2021 - - - Dated:- 21-5-2021 - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE TALWANT SINGH Petitioner Through: Mr. Deepak Chopra with Mr. Harpreet Singh Ajmani and Mr. Rohan Khare, Advs. Respondents Through: Mr. Ajit Sharma, Sr. Standing Counsel. O R D E R [Court hearing convened via video-conferencing on account of COVID-19] CM No.16389/2021 1. The prayer made in the application is to exempt the applicant/petitioner from depositing requisite court fees and filing certified/true copies of annexures as well as attested affidavits along with the present petition. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. The operative portion of the first order reads as follows [See page 202 of the paper book]: 33. The assessing officer shall enhance the income of the assessee by ₹ 2558,68,79,196/-. The Assessing Officer may also examine the feasibility of initiating penalty proceedings as mentioned above and also u/s 271(1)(c) of the Act in accordance with Explanation 7 of the same. The assessee has been given adequate opportunity including oral hearing. 3.4. Insofar as the second order is concerned; in the operative part, the TPO makes the following observations [See page 326 of the paper book]: 33. The assessing officer shall enhance the income of the assessee by ₹ 16,84,51,531/-. Further, assessing officer may exam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alue of assessee's demerged business amounting to ₹ 2541,84,27,665/- is treated as assessee's business income of the year under consideration. 5. Considering the detailed reason cited by the TPO in his order under section 92CA (3) of the Income tax Act dated 29.01.2021 and as per provisions of Section 92CA(4) of the Act, the amount of ₹ 2558,68,79,196/- (₹ 16,84,51,531/- + ₹ 2541,84,27,665/-) is proposed to be added to the total income of the assessee. 3.6. A perusal of the aforementioned extract of the draft assessment order would show that, the AO has not only adopted the reasoning of the TPO without dilating on it, but has also applied the provisions of Section 92CA(4) of the Act in adding, inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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