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TMI Blog2025 (4) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... at the assessee is a Private Limited Company engaged in the business of trading related to plastics & sanitary ware, building materials, cutleries, plastics profiles, modular kitchen, kitchen appliances, etc. The assessee company filed its Return of Income for the Asst. Year 2020-21 on 22-02-2021 declaring a loss of Rs. 30,65,00,117/- under normal provisions of the Income Tax Act. The return was said to be processed u/s. 143(1) on 10-08-2021 determining the total loss at Rs. 28,91,48,057/-, however the said intimation was not served on the assessee. It is thereafter the case was taken for complete scrutiny assessment. A reference was made to Transfer Pricing Officer for determining the Arm's Length Price of International transaction. The TP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Appeal: 1. On the facts and in the circumstances of the case and in law, the Hon'ble Dispute Resolution Panel ('DRP') and the Ld. AO (hereinafter collectively to be referred as "Revenue") have erred in assessing the loss of the Appellant at INR 289,118,057 while framing the assessment order basis the intimation order under section 143(1) of the Act as against the total loss of INR 306,500,117 as disclosed by the Appellant in its return of income. 2 On the facts and in the circumstances of the case and in law, the Ld. AO has erred in reducing the current year loss of the Appellant by an amount of INR 1,73,82,060 without providing any basis reason for the said adjustment and by merely relying on the intimation order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n passing the assessment order by violating the principles of natural justice by not issuing any show cause notice as contemplated in section 141B of the Act, resulting in denial of opportunity to the Appellant to submit a response, place documents on record in support thereof and to be heard before passing the assessment order. 7. On the facts and in the circumstances of the case and in law, the Ld. AO has erred in facts and in law in not allowing credit of tax deducted at source ("TDS") amounting to INR 277,599 as claimed by the Appellant in its return of income. 4. We have heard rival submissions and perused the materials available on record. The assessee filed its Return of Income claiming the loss of Rs. 30.65 crores. The CPC vide i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 143(2) was issued on 29-06-2021. After issuance of the 143(2) notice, there is no question of making intimation u/s. 143(1). Therefore the so called intimation dated 10-08-2021 is invalid in law, which was not served to the assessee as per 1st proviso to Section 143(1) of the Act. Therefore the A.O. is not correct in determining the loss at Rs. 28.91 crores while computing the final assessment based on a non-existing 143(1) intimation. Therefore the Final assessment order is liable to be modified as that of the returned loss of Rs. 30.65 crores made by the assessee. Thus the Ground Nos. 1 to 6 raised by the Assessee are allowed. 5. Ground No. 7 of non-allowance of tax credit of Rs. 2,77,599/- is not arising in the final assessment ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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