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TMI Blog2012 (4) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... BANSAL : AM The facts of the case are that the return was filed on 30.10.2007 declaring nil income after claiming exemption of Rs. 24,57,26,795/- u/s 10A and adjustment of brought forward loss of Rs. 1,32,41,929/-. The case was initially processed u/s 143(1) and thereafter taken up for assessment by issuing notice u/s 143(2) dated 02.09.2008. It was found that the assessee company is engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of international transactions in respect of software development services by an amount of Rs. 52,93,42,426/- and marketing support services by Rs. 3,74,43,670/-. The draft order was passed accordingly. The assessee objected to the draft order and, therefore, the matter was referred to the Dispute Resolution Panel ('DRP' for short). The ld. DRP directed the AO to evaluate international transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat its response may be taken into account for the purpose of determining arm's length value of international transaction. In this respect reliance is placed on the decision of Bangalore Tribunal in the case of Genisys Integrating Systems (India) Pvt. Ltd. in ITA No. 1231/Bangalore/2010, to the effect that it is essential that the authorities furnish such information to the assessee with a view to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for its objections, if any. The absence of doing so leads to violation of fundamental principle of natural justice. In view thereof, the matter is restored to the file of the AO with a direction to supply whatsoever information he wants to use against the assessee to it, grant it reasonable opportunity of being heard and thereafter pass a fresh assessment order as per law. 5. In the result, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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