9911796707
TMI Blog2023 (3) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee has failed to make compliance with the notices issued by the lower authorities inspite of several opportunities. Considering the nature of the addition, we are of the considered view that the assessee may be given one last opportunity to present its case before the A.O. As also evident that the considerable amount of time and revenue has been spent by Exchequer in carrying out the assessment proceedings followed the appellate proceedings. The assessee is directed to pay a cost of Rs.25,000/- each in both these appeals for being delinquent before the lower authorities and the same is to be paid towards Prime Minister s Relief Fund within 30 days from the date of this order. The assessee is also directed to appeal and fully co-oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act conducted in the case of the assessee dated 19.09.2018, the assessee s case was selected for scrutiny, as it was observed that the assessee has entered into a large value international transaction as per Form No. 3CED with its Associated Enterprises (AEs) and also as per the survey report. The assessee was issued notice u/s. 142(1) of the Act calling for details, documents, evidences, explanation, along with the copy of order u/s. 92CA(3) of the Act seeking for assessee s explanation as to the transfer pricing adjustment proposed by the TPO. It is observed that inspite of several notices, the assessee has failed to furnish details before the A.O. except for a letter dated 18.02.2021 received from Shri Ashish Chhawchharia, Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mission Rs.24,54,84,368 Total Rs.265,06,37,497/- 5. The impugned amount was then added to the total income of the assessee and the penalty proceedings were also initiated. The A.O. had passed a draft assessment order u/s. 143(3) r.w.s. 144C(1) of the Act by making the addition as mentioned below: (page 22 of the final assessment order) Particulars of Income Amount (Rs.) Amount (in Rs.) 1 Income from Normal Business Profession as per computation sheet 667,45,17,024 2 Income from Nor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Aircraft maintenance engg cost as discussed above in order 1077,52,00,000 7. Selling Distribution expenses as discussed above in order 346,88,14,902 8. Profit on sale FFP business as discussed above in order 346,88,14,902 9. Difference in transactions by Special Auditors as discussed above in order 121,98,00,000 10. Profit received as share of development of Plot at BKC as discussed abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in order 73,08,00,000 19. Disallowance of miscellaneous expenses as discussed above in order 46,24,10,000 20. Penalty as discussed above in order 151,69,00,000 4246,81,14,783/- Total Assessed Income 4246,81,14,783/- 6. The A.O. has made the impugned addition of Rs.4246,81,14,783/- under the normal provisions, which was more than that of the income computed u/s. 115JB of the Act, wherein the income under the normal provision was considered for computing the tax liability of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by a majority votes and was approved by Hon ble NCLT. It is observed that the assessee has failed to make compliance with the notices issued by the lower authorities inspite of several opportunities. 11. Considering the nature of the addition, we are of the considered view that the assessee may be given one last opportunity to present its case before the A.O. It is also evident that the considerable amount of time and revenue has been spent by Exchequer in carrying out the assessment proceedings followed the appellate proceedings. The assessee is directed to pay a cost of Rs.25,000/- each in both these appeals for being delinquent before the lower authorities and the same is to be paid towards Prime Minister s Relief Fund within 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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