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2023 (10) TMI 703 - DELHI HIGH COURTPowers of Income Tax Settlement Commission to examine issues - obligation to pay tax amounting to Rs. 10 lakhs or above not met - ability to examine issues concerning transfer pricing - HELD THAT:- As petitioner to the effect that it has transferred its business and that since then, it has not engaged in any business activity requires to be examined as if the business activity had stopped, then certainly the petitioner cannot possibly carry forward cumulative losses and depreciation coupled with the fact that the petitioner has paid by way of additional tax an amount equivalent to Rs. 1,41,44,457/-. Given this position, the Commission in its new avatar i.e., Interim Board, would have to examine whether the petitioner meets the threshold criteria prescribed u/s 245C(1)(ia)(B)(ii) of the Act. Ground which persuaded the Commission not to entertain the petitioner’s application that it was not vested with powers concerning the TP issues does not survive any longer as the petitioner on its own showing has accepted the upward adjustment made by the TPO - we are of the opinion that the matter requires re-examination by the Commission [now, the Interim Board]. Accordingly, the impugned order is set aside with a direction to the Interim Board to re-examine the application filed by the Petitioner, albeit on merits, for the periods in issue i.e., AYs 2012-13 to 2016-17.
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