9911796707
TMI Blog2022 (6) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... n 31st March, 2022 i.e. after receipt of the detailed reply by the Petitioner dated 24th March, 2022, the AO should have considered the same as it was available with him/her on record. By not considering the reply of the Petitioner dated 31st March, 2022, the mandate of Section 148A(c) of the Act has been violated as it casts a duty on the Assessing Officer, by using the expression shall , to consider the reply of the petitioner/assessee in response to notice under Section 148A(b) of the Act before making an order under Section 148A(d) of the Act. This Court is also of the opinion that significance of issuance of a show cause notice at a stage prior to issuance of a reassessment notice under Section 148 of the Act has been lost on the Respondents.Consequently, this Court is of the opinion that a progressive as well as futuristic scheme of reassessment whose intent is laudatory has in its implementation not only been rendered nugatory but has also had an unintended opposite result. Consequently, the impugned order dated 31st March, 2022 issued under Section 148A(d) of the Act and the notice dated 31st March, 2022 issued under Section 148 of the Act are quashed and the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest income on unsecured loans given to Kodangal Solar Parks Private Limited which has been duly recorded and reported under the head Other Income Interest income on unsecured loans of INR 4,37,66,327/- (refer Note No:21 of the financial statements). Fee under Section 194J from M/s.Winsol Solar Fields (Polepally) Private Limited of INR 24,086/- During the relevant assessment year, the assessee has provided business support services to M/s. Winsol Solar Fields (Polepally) Private Limited which has been duly recorded and reported under the head Revenue from Operations Business Support Services of INR 3,42,22,691/- (refer Note No:20 of the financial statements) Interest under Section 194A from M/s.Tandur Solar Power Private Limited of INR 24,725 /- The assessee has earned an interest income on unsecured loans given to Tandur Solar Power Private Limited (presently known as Suntree Solar Energy Private Limited ) which has been duly recorded and reported under the head Other Income Interest income on unsecured loans of INR 4,37,66,327/- (refer Note No: 21 of the financial statements). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Fee under Section 194J from M/S. Solarfield Energy Two Private Limited of INR 2,07,72,650/- During the relevant assessment year, the assessee has provided technical support services to M/s. Solarfield Energy Two Private Limited which has been duly recorded and reported under the head Revenue from Operations Technical Services Fees of INR 2,07,72,650/- (refer Note No: 20 of the financial statements). Interest under Section 194A from M/S.Tungabhadra Solar Parks Private Limited of INR 98,52,294/- The assessee has earned an interest income on unsecured loans given to Tungabhadra Solar Parks Private Limited which has been duly recorded and reported under the head Other Income Interest income on unsecured loans of INR 4,37,66,327/- (refer Note No: 21 of the financial statements). EXC-002: Turnover from Services Reported in Service Tax Return of INR 13,83,53,773/- The assessee has taken the details of INR 13,83,53,773/- reported by assessee in the service tax return submitted for the period Apr 01, 2017 June 30, 2017. In this regard, we would like to submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lsory convertible debentures 46,42,189/- Interest Income on unsecured loans 2,36,41,083/- Total 2,82,83,272/- Here, it is humbly submitted that the aforementioned income has been duly recorded and reported under the heard Other Income (a) Interest income on Compulsory Convertible Debentures INR 46,42,192/- and (b) Interest income on unsecured loans- INR 4,37,66,327/- (refer Note No: 21 of the financial statements). SFT-005: Time Deposit in Axis Bank Limited of INR (-) 127054/- The assessee has earned an interest income of INR 1,27,054/- on fixed deposits made with the Axis Bank Limited which has been duly recorded and reported under the head Other Income Interest income on fixed deposits of INR 1,28,71,793/- (refer Note No: 21 of the financial statements). ITR-SAL: Amount of Salary to Amit Kumar Mittal Mr.Amit Kumar Mittal is working as a Technical Director Supply Chain BD India in the assessee company d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f rent paid by assessee during the financial yer 2016-17 and 2017-18 are enclosed for your reference as Annexure-20. ITR-SAL: Amount of Salary to Srinivasa Rao Dontam Srinivasa Rao Dontam has worked as senior manager asset operations in the assessee company during the relevant year in question. He is an electronic engineer from a premier Institute of India who is responsible for managing the asset management department of the company. Remittance in the nature of consultancy and FTS, Hence not liable to deduct TDS Verification Pending Assessee explained that no TDS is required to be deducted in respect of nature of service involved. 4. Learned Counsel for the Petitioner further states that the order has been passed without considering the reply dated 24th March, 2022 filed by the Petitioner in response to the Show Cause Notice dated 17th March, 2022. He states that the Respondent erred in observing that no supporting evidence had been filed by the Petitioner despite the fact that supporting evidence had been duly filed along with the reply dated 24th March, 2022. He also states ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 31st March, 2022 i.e. after receipt of the detailed reply by the Petitioner dated 24th March, 2022, the Assessing Officer should have considered the same as it was available with him/her on record. By not considering the reply of the Petitioner dated 31st March, 2022, the mandate of Section 148A(c) of the Act has been violated as it casts a duty on the Assessing Officer, by using the expression shall , to consider the reply of the petitioner/assessee in response to notice under Section 148A(b) of the Act before making an order under Section 148A(d) of the Act. 10. This Court is also of the opinion that significance of issuance of a show cause notice at a stage prior to issuance of a reassessment notice under Section 148 of the Act has been lost on the Respondents. This Court takes judicial notice that in a majority of reassessment cases post 1st April, 2021, the orders under Section 148A(d) of the Act use a template / general reason to reject the defence of the assessee on merits, namely, found devoid of any merit because the assessee failed to furnish the supportive evidences in respect of transactions mentioned in show cause notice ..it is established that the assessee h ..... 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