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TMI Blog2021 (6) TMI 616X X X X Extracts X X X X X X X X Extracts X X X X ..... preceding para-4.1 of this order. Quite clearly, the said income stood credited to assessee s Profit Loss Account and form part of the assessee s financial statements. The same has already been considered while computing assessee s income. The assessee has debited Selling Distribution Expenses forming part of the Balance Sheet. The break-up the same was already provided by the assessee in its submissions during appellate proceedings. This amount include inter-company service fees expense of ₹ 427.54 Lacs which after including foreign exchange difference of ₹ 56.20 Lacs comes to ₹ 483.74 Lacs. The assessee has remitted ₹ 483.74 Lacs after deduction of tax at source, the details of which have already been given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontrary to the material on record. 3. That on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in arbitrarily enhancing the income by INR 148,954,216 which was already offered to tax, thus, leading to taxing he income twice in the hands of the Appellant As evident, the assessee is aggrieved by enhancement of certain income by Ld. CIT(A). 2. The Ld. AR, drawing our attention to the factual paper-book, assailed the enhancement made by Ld. CIT(A) and submitted that the observations made in the impugned order are contrary to facts on record. To substantiate the same, Ld. AR took us through financial statements of the assessee. The Ld. DR, on the other hand, submitted that the matter is factual one and may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent fees of ₹ 1489.54 Lacs from two of its Associated Enterprises (AE) namely Chemtura Sales Europe Gmbh and Chemtura Corporation USA. These transactions were reported in Note No.19 of the audited financial statements. However, the said amount was reflected as ₹ 1002.13 Lacs in Form 3CEB as filed by the assessee along with the return of income. Thus there was under reporting of income in Form No.3CEB to the extent of ₹ 487.41 Lacs. Similar discrepancy was noted in appellate order for AY 2011- 12 wherein the amount reported in Profit Loss Account was found to be less than the figure reported in Form No.3CEB as well as notes to the account and accordingly, differential of ₹ 159.95 Lacs was added to the income of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d income has been credited in assessee s Profit Loss Account as other operating revenues under the head revenue from operations. The same is evident from Note-19 of assessee s financial statements. Similar figure has been reported as earnings in foreign exchange (rendering services) in schedule annexed to and forming part of the Balance Sheet. Similar figure was noted by Ld. TPO while re-working segmental results which has already been enumerated by us in preceding para-4.1 of this order. Quite clearly, the said income of ₹ 1489.54 Lacs stood credited to assessee s Profit Loss Account and form part of the assessee s financial statements. The same has already been considered while computing assessee s income. 6. Proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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