9911796707
TMI Blog2023 (3) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore he is retaining the TP adjustment as in the draft assessment order - HELD THAT:- We notice that the assessee has filed a modified return on 28.03.2022 - We also notice that the assessee ha paid the tax due on 15.02.2022 - AO in his order dated 31.05.2022 has stated that the TP additions are retained on the ground that there is no information available on the system that the assessee has filed the modified return. On perusal of the facts and evidences as mentioned herein above with regard to the modified return having been filed along with the payment of tax, we hold that the statement of the AO is not factually correct. We therefore direct the AO to consider the modified return filed by the assessee giving effect to the APA ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny transfer pricing adjustment for the covered transaction except in accordance with Advance Pricing Agreement (`APA') dated 24th November 2021 entered into by the Appellant with the Central Board of Direct Taxes (`CBDT') in respect of FY 2015-16 to FY 2019-20. 4. The learned AO erred by not considering modified tax return filed by the Appellant on 28th March 2022 under section 92CD of the Act giving effect to the terms of the APA by offering additional income of Rs. 12,57,62,590 and paying consequent tax and interest of Rs 6,51,46,660. 5. The order is liable to be quashed for the reason that it is in violation of the terms of APA, being a binding agreement pursuant to section 92CC of the Act read with Rule 10M of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the information available on the system till date the assessee has not filed any modified return of income under Section 92CD of the Act and therefore he is retaining the TP adjustment as in the draft assessment order. Against the final order of the AO the assessee is in appeal before the Tribunal. 6. During the course of hearing the learned A.R. submitted that the assessee has filed the modified return and also paid the tax on the same. The learned A.R. further submitted that the final assessment order passed dated 31.05.2022 is much after the filing of the modified return and the AO is not right in retaining the TP adjustment on the ground that modified return was not filed by the assessee. The learned A.R. drew our attention to the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
