9911796707
TMI Blog2024 (10) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 impugned Order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ("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 intra group ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rescribed 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. Till th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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