9911796707
TMI Blog2023 (8) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... bad in law and on facts NA 1.1 The assessment order passed by the Ld. Deputy Commissioner of Income Tax, Circle - 3(1)(1) ('Ld AO') under Section 143(3) read with Section 144C (13) of the Income-tax Act, 1961 ('the Act'), is bad in law and on facts and is in violation of the principles of natural justice. Without prejudice to the generality of the above, the order issued by the Ld. AO is bad in law in so far as the fact that the Ld. AO did not issue to IMS Health Analytics Services Private Limited (`the Appellant or 'the Company'), a show cause notice for such reference, as per proviso to Section 92C(3) of the Act. 1.2 The Ld. AO has erred in law in making a reference to the Deputy Commissioner of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eating the delayed receivables as an international transaction and computing notional interest on the same. 3.2 Without prejudice, in any event the delayed receivables cannot be treated as a separate international transaction and if at all, ought to be aggregated with the principal transactions. 3.3 Without prejudice, the Ld. Panel erred in determining the interest by applying SBI PLR interest rate although the invoices are raised by the Appellant in foreign currency. 4. Recharacterization of Compulsorily Convertible Debentures ('CCDs') as an equity instrument and recomputing the arm's length price of the interest paid thereon 4.1 The Ld. AO/ Ld. TPO/ Ld. Panel erred in law and in fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the return of income) thereby resulting in short grant credit for advance taxes amounting to INR 25,000,000. 9. Short grant of credit for refunds adjusted against AY 2018-19 NA 9.1 The Ld. AO erred in not granting credit for all adjustment of refunds pertaining to other AYs adjusted against AY 2018-19 thereby resulting in short grant of credit for such refund adjustments in the assessment order for AY 2018-19. 10. Erroneous computation of interest under Section 2348 of the Act NA 10.1 The Ld. AO erred in computing interest under Section 234B, amounting to INR 44,494,044 which is consequential to the additions/disallowances made. 11. Erroneous computation of interest under Section 234C of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of amalgamation approved was 01.04.2017, and the assessee filed revised return of income for AY 2018-19 on 29.03.2019 considering details of both the entities. 2.4 The Ld.AO noticed that as the assessee entered to International Transactions with its Associate Enterprises(AE), a reference was made to Transfer Pricing Officer (TPO) u/s.92CA of the Act on 04.06.2020, after obtaining necessary approval of the Competent Authority. The order of the Ld.TPO u/s. 92CA(3) was passed on 30.07.2021. 2.5 The Ld.TPO in his order has concluded the Arm's length Price of transactions and an adjustment of Rs. 75,40.48,209/- was proposed to the value of the international transactions pertaining to the year under consideration. 2.6 On receipt of the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow. In the interest of justice, we remand this issue to the Ld.AO/TPO to consider the claim of assessee in accordance with law. Accordingly, this ground raised by assessee stands allowed for statistical purposes. 6. Ground no. 6 is in respect of levy of interest u/s. 234A of the act. It is the submission by the Ld.AR that, the assessee had filed the return of income on 30.11.2018 for the relevant Assessment Year which is placed at page 2476 of the paper book. He submitted that the return of income was filed within the due date and therefore interest u/s. 234A cannot be computed. In the interest of justice, we remand this issue to the Ld.AO to verify the claim and to consider in accordance with law. Accordingly, this ground raised by as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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