9911796707
TMI Blog2022 (10) TMI 449X X X X Extracts X X X X X X X X Extracts X X X X ..... d. AO'] and the Hon'ble Dispute Resolution Panel ['Hon'ble DRP'J have erred in disregarding the claim made by the Appellant during the course of the assessment proceedings and in thereby holding the amount of Rs. 85,82,15,139/- received by the Appellant during the year under consideration from Philips India Limited ['PIL'] and Preethi Kitchen Appliances Private Limited ['Preethi'] pursuant to the Global Service Unit Agreement ['GSU'] is taxable in India. ii. The Ld. AO and the Hon'ble DRP have, inspite of the Ld. AO accepting in the Remand Report, erred in not admitting the additional claim made by the Appellant during the course of the assessment proceedings and in thereby holding the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us that inspite of accepting the remand report and the ld. AO erred in not admitting the additional claim made by the appellant during the courses of assessment proceedings by holding that the amount of Rs. 85,82,15,139/- received by the appellant assessee during the year from PIL & Preethi pursuant to GSU taxable in India and submitted that the alleged amount of Rs. 85,82,15,139/- received by the appellant during the year under consideration is not taxable in India as the AO himself accepts the remand report dated 14.06.2019 wherein stated that the services provided by the appellant to PIL & Preethi do not 'make available' technical knowledge, skills, experience etc., therefore, direction may be given to AO to accept the claim made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not make any claim that receipts on account of carbon credit is not taxable. The facts are that the assessee in the return of income did not make any claim that receipts on account of carbon credit is not taxable but such a claim was made only in the course of assessment proceedings before the AO. The CIT(A) allowed the claim of the assessee. It is the plea of the revenue in ground no. 2 that the claim that carbon credit is not chargeable to tax being capital receipt was made by the Assessee without filing the revised return of income and therefore ought not to have been accepted taking up for consideration by CIT(A) in view of the decision of the Hon'ble Supreme Court in the case of Goetz India Ltd. 289 ITR 323(SC) wherein it was h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing assessment proceedings under the Act, without making recourse to revised return, despite the fact that time limit for revising return under section 139(5) had expired. In the light of the aforesaid decisions, we are of the view that the DRP was right in accepting the revised claim that sales tax remission received is capital receipt and not chargeable to tax." 3. On the other hand, ld. DR vehemently argued and in support of the order passed by the authorities below. 4. We after hearing the rival submission and material available on record and examined the impugned order, we find that the assessee did not claim the said deduction in original return filed on 28.11.2015 and failed to file the revised return u/s. 139(5) of the Act in supp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
