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TMI Blog2025 (4) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... n 92CA(3) dated 25.07.2023 under section 143(3) read with section 144C(3) read with section 144B of the Income Tax Act, 1961 (for short 'the Act') qua the assessment year 2020-21. 2. The Ground No. 1 raised by the assessee is general in nature and does not require any specific adjudication. 3. Ground Nos. 2 and 3 raised by the assessee is challenging the Transfer Pricing adjustment made on account of interest on outstanding receivables from Associated Enterprises (AEs) by imputing interest thereon. 4. We have heard the rival submissions and perused the materials available on record. The assessee company is engaged in the provision of routine support services in relation to WM and FA solutions and services provided by its contracting enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred objections before the ld DRP. Pursuant to the directions of the ld DRP, the order giving effect was passed by the ld TPO wherein, the interest on outstanding receivables transfer pricing adjustment was reduced to Rs. 60,57,439/-. Aggrieved, the assessee is in appeal before us. 6. The final assessment order was framed by the ld AO u/s 143(3) read with Section 144C(13) read with Section 144B of the Act on 29.07.2024 determining total income of the assessee at Rs. 10,44,10,319/- after making only one addition on account of TPO adjustment for interest on outstanding receivables of Rs. 60,57,439/- to the returned income of Rs. 9,83,52,880/-. The ld DRP gave credit for 60 days and directed the ld TPO to examine whether the amounts were expo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g capital adjustment to the assessee which has not been followed by the ld TPO. Hence, the order passed by the TPO had to be considered as not passed in consonance with the binding directions u/s 144C(10) of the Act of ld DRP. On this limited count itself, the order of ld TPO deserves to be quashed and is hereby quashed. Accordingly, original Ground Nos. 2 and 3 raised by the assessee are hereby allowed. 9. Ground No. 4 raised by the assessee is challenging the action of the ld AO in enhancing the income and the tax liability in the final assessment order which was not even proposed by him in the draft assessment order. 10. We have heard the rival submissions and perused the materials available on record. The draft assessment order gets m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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