9911796707
TMI Blog2022 (5) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... corded. There is nothing on the file to which it can be assumed that on which grounds the books of account are not acceptable. CIT(A) asked the remand report from the AO but there was no plausible explanation to reject the claim of the assessee. The appellant had entered into an Advance Pricing Agreement (APA) with the Central Board of Direct Taxes for its transactions with associate Enterprises and this year is one of the rollback year in the APA already signed. The books of accounts and the financial result of appellant have already been examined and accepted that the APA. Nothing came into noticed to which it can be assumed that the finding of the CIT(A) is incorrect. The facts are not distinguishable at this stage. The finding no pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact, in the findings of the AO that the book result of the appellant is not correct. 3. On the facts of the case and in law the Ld. CIT{A) has failed to appreciate that the assessee had failed to furnish the details and books of accounts during the assessment proceedings as well as the remand proceedings 4. The appellant craves leave to amend or alter any ground or add new ground which may be necessary. 4. The brief facts of the case are that the assessee filed its return of income on 31.10.2014 declaring total income to the tune of Rs.61,74,410/- for the A.Y.2014-15. The case was selected for scrutiny under CASS. Notices u/s 143(2) 142(1) of the Act were issued and served upon the assessee. The assessee company was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d submissions made by the appellant. It's an undisputed fact that the appellant is a Category-l Merchant Banker and Stock Broker registered with SEBI and is subject to the rules and regulations of SEBI as per which business practices and processes are required to be audited by a Chartered Accountant on a half yearly basis. It s also a fact that the appellant has entered into an Advance Pricing Agreement (APA) with the Central Board of Direct Taxes for its transactions with Associate enterprises and this year is one of the rollback year in the APA already signed. The books of accounts and the financial result of the appellant have already been examined and accepted during the finalisation of the terms of the APA. The appellant is a wholl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the appellant. However, in his reports dated 29.01.2019 and 26.08.2019, the AO has stated that he cannot give afresh findings in the matter of assessment of income, on the same material that was filed before his predecessor AO on which a view was taken by the erstwhile AO. 3.4.2 In view of the discussion above and the factual matrix, the finding of the AO that the expenses of the appellant have significantly Increased without material change in revenue is factually incorrect. The AO has not given a single finding to the effect as to why the books of accounts of the appellant are to be rejected and the book results not accepted. Moreover, the same book result for the year has already been accepted by the APA authorities and also by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement (APA) with the Central Board of Direct Taxes for its transactions with associate Enterprises and this year is one of the rollback year in the APA already signed. The books of accounts and the financial result of appellant have already been examined and accepted that the APA. Nothing came into noticed to which it can be assumed that the finding of the CIT(A) is incorrect. The facts are not distinguishable at this stage. The finding no plausible explanation to interfere with the finding of the CIT(A), we are of the view that the finding of the CIT(A) is quite correct which is not liable to be interfered with at this appellate stage. Accordingly, we affirm the finding of the CIT(A) on these issued and decide these issues in favour of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owledged by the AO in the remand proceedings; II On the facts and in the circumstances of the case and in law the learned CIT(A) / AO has: 4. without prejudice to the department s appeal and cross objections 1-3 above, if department appeal is allowed then relief should be provided on account of double addition of other income of Rs 18,69,92,012 and double addition of returned income of Rs 61,74,410; III On the facts and in the circumstances of the case and in res: ect of short grant of Interest on refund the learned AO has: 5. erred in granting short interest on refund under section 244A of the Act, by not following the correct methodology laid down under section 244A r.w.s. 140A i.e. amount of refund granted earlier should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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