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TMI Blog2021 (12) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... er remedy - HELD THAT:- We find as per the explanations submitted, the assessee should not be denied legitimate claim if supported with proper evidences and has to fallow due process of Law. Therefore we considering the facts direct the Assessing officer to verify the claim and examine the evidences. Accordingly, we restore this issue to the file of the A.O. with the above directions and to adjudicate on merits. The assessee should be provided adequate opportunity of hearing and shall cooperate in submitted the information. As in respect of setoff of brought forward losses and unabsorbed depreciation. We find there are conflicting calculations of the assessee which goes back to A.Y. 2008-09 and accumulated business losses and depreciation in the subsequent years which requires proper verification of facts and figures carried forwarded. Accordingly, we remit this disputed issue to the file of the Assessing officer to check and verify the accumulated brought forward claims and grant the setoff in the current year and allow the ground of appeal for statistical purpose. Non grant of TDS credit - HELD THAT:- We direct the A.O. to consider the information of tax credit as reflect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances of the case and in law, the AO has erred in not granting credit of TDS amounting of ₹ 1,11,460/-. 9. On the f acts and circumstances of the case and in law, the AO has erred in levying interest u/s 234B of the Act. 2. The Brief facts of the case are that, the assessee company is engaged in the business of manufacturing and sale of Diamond Saw Blades, segments, grinding tools and core drills. The assessee has filed the return of income electronically on 30.11.2012 declaring a total loss of ₹ 15,40,66,832/-. The assessee also filed the revised return of income on 06.09.2013 with a total loss of ₹ 15,40,66,833/- and the return of income was processed u/s 143(1) of the Act. Subsequently, the case was selected for scrutiny and the notice u/s 143(2) and 142(1) of the Act was issued along with questionnaire. In compliance the Ld. AR of the assessee appeared from time to time and filed the submissions. The Assessing officer (A.O) on perusal of the financial statements found that the assessee has international transactions with its Associate Enterprises(AE) and therefore the matter was referred to the Transfer Pricing Officer (TPO) for determination of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly interest should be charged. The assessee has filed a detailed reply on 25.01.2015 in respect of outstanding advances and debtor s receivable from Associate Enterprises as under: Particulars Peacock Diamond Systems Inc (Rs.) Peacock Diamond Systems B.V. (Rs.) Hilti Corporation (Rs.) Loans and Advances 2,95,56,854 - - Reimbursements from group companies 6,78,501 65,07,387 - Intrest of BDS Loan 7,84,248 - - Debtors 5,00,82,882 235,18,070 340,20,787 2.2. The explanations of the assessee in respect of Peacock Diamond Systems Inc USA that the said company has went in to liquidation on 23 December 2011 and in computing the total income, the provisions has been disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ff of brought forward business loss and unabsorbed depreciation. The A.O as per the DRP directions found that the assessee has claimed excess set off of business loss and unabsorbed depreciation and hence restricted the claim to the extent of ₹ 7,47,59,260/-.Finally the A.O. has assessed the total income of ₹ 8,80,19,200/-and passed the order u/s143(3) r.w.s 144C(13) of the Act on 13-01-2017. Aggrieved by the order of the AO, the assessee has filed an appeal before Honble Tribunal. 4. At the time of hearing the Ld.AR submitted that the Grounds of appeal No.1 to 3 are general in nature. And the transfer pricing grounds of appeal are no 4 5. The Ld. AR submitted that the DRP has erred in confirming the action of the TPO in making the adjustment of notional interest on loans and advances though provided by the assessee company to its AE in the ordinary course of business. Further Interest is also charged on the outstanding debit balance of debtors with AE. The Ld.AR emphasized that the one of the Associated Enterprise (AE) M/s Peacock Diamond System Inc. USA were advance is provided by the assessee. The AE was incorporated under the laws of Delaware and authorize to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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