TMI Blog2018 (6) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Revenue before this Tribunal. So far as managing the business affairs by the assessee to reduce its tax liability the learned Dispute Resolution Panel duly considered the decision from hon'ble apex court in CIT v. Calcutta Discount Company Ltd. (2006 (11) TMI 135 - SUPREME COURT) wherein it was held that it is the discretion of the assessee to arrange its affairs in a manner which advances his interest subject to the conditions that the transaction in question are bonafide. In the instant case, this factual matrix was not doubted by the learned Assessing Officer rather in the remand report it was accepted by the Assessing Officer that "cost of H4 and H7 bulbs reconcile". The learned Dispute Resolution Panel duly considered the rem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rwal, the learned counsel for the assessee defended the impugned order by inviting our attention to various paragraphs of the impugned order and pages 1 to 8 of the paper book (relevant page 7). 2.1 We have considered the rival submissions and perused the material available on record. The facts in brief are that vide order under section 92CA(3) of the Act reference under section 92CA was made by the Joint Commissioner of Income-tax vide letter dated October 11, 2013 for determination of the arm's length price of inter national transaction entered into by the assessee. The learned Dispute Resolution Panel vide directions under section 144C(5) of the Act dated December 28, 2015 deleted the addition made by the learned Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at C-8, Selaqui Industrial Area, Dehradun, Uttaranchal Income from this unit is eligible for deduction under section 80-IC of the Act Deduction could not be claimed under section 80-IC of the Act, since there were losses at the company level Apart from the above manufacturing units, the assessee is having depots at various states across India. Genesis of the draft assessment order under section 144C(1) The table containing international transactions are given below : Sl. No. Nature of transaction Method selected Amount 1. Export of automotive lamps Comparable uncontro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned assessment order under contention, the Assess ing Officer made the following additions/disallowances to the income disclosed by the assessee's in its return of income : Particulars Amount Amount Returned income/(loss) (4,71,75,358) Additions : (a)Suppressed profits of taxable units at Noida 71,84,46,215 (b)Transfer pricing adjustment 5,22,35,730 77,06,81,945 Total assessed income 72,35,06,587 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Dispute Resolution Panel was never contra dicted by the Revenue before this Tribunal. So far as managing the busi ness affairs by the assessee to reduce its tax liability the learned Dispute Resolution Panel duly considered the decision from hon'ble apex court in CIT v. Calcutta Discount Company Ltd. (supra), wherein it was held that it is the discretion of the assessee to arrange its affairs in a manner which advances his interest subject to the conditions that the transaction in ques tion are bonafide. In the instant case, this factual matrix was not doubted by the learned Assessing Officer rather in the remand report it was accepted by the Assessing Officer that cost of H4 and H7 bulbs reconcile . The learned Dispute Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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