9911796707
TMI Blog2024 (10) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... of payment of royalty - payment of management fees afresh in the light of the compliance report, modified income-tax return, and the APA. HELD THAT:- We find substance in the contention of the Petitioner that, in the facts and circumstances of the case, the Respondents have no jurisdiction to initiate the impugned penalty proceedings and more particularly considering the fact that although the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... njan Kakkad and Mr. Jitendra Singh. For the Respondents : Mr. Akhileshwar Sharma. PC: 1. Mr. Mistri, the learned Senior Counsel for the Petitioner, has argued this Petition for some time. The challenge as raised in the Petition is to an Order passed by Respondent Nos. 1 and 2, under the provisions of Section 271 (1) (c), imposing penalty on the Petitioner of Rs. 15,29,18,519/-, as seen from the im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act 1961 ( the Act ) a provision in relation to the effect of the Agreement which would enable the Petitioner to file a modified return. It appears that, on 30 August 2018, a Final Assessment Order was passed, wherein the transfer pricing adjustment in respect of payment of royalty was restricted to Rs. 47,13,16,113/- in terms of the APA. However, an adjustment of Rs. 12,50,43,955/- vis-a-vis i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income. 3. It is the Petitioner's contention that in view of the modified return being filed, same was required to be taken forward and appropriate orders were to be passed. However, the Respondents, overlooking such facts and the effect which is brought about in terms of modified return being filed and as permissible in law, have issued the impugned Show Cause Notice dated 21 August 2024 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the prescribed period of limitation from the date of the APA, as permissible in law, and therefore there could not have been any event of concealment of income by the Petitioner. Let the Respondents respond to this Petition by filing a Reply Affidavit on such contentions raised by the Petitioner. The same shall be served on the Petitioner well in advance. 6. Stand over to 26 November 2024. 7. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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