TMI Blog2020 (10) TMI 412X X X X Extracts X X X X X X X X Extracts X X X X ..... 12/2019. The proviso to the said sub-section extending the time limit to 12 months is not applicable since revisional order has been passed prior to 01/04/2019. As per sub-section (5), where effect to an order u/s 263 was to be given by Assessing officer, wholly or partly, otherwise than by making a fresh assessment or reassessment, such effect shall be given within a period of 3 months from the end of the month in which the order u/s 263 has been passed by revisional authority. As per proviso to this sub-section (5), where it is not possible for Ld. AO to give effect to such order within the aforesaid period for reasons beyond his control, the prescribed authority may allow an additional period of 6 months to give effect to that order. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - being payment of penalties to foreign authorities as discussed in para 6 and an amount of ₹ 10 crores on account of the class action settlement consideration as discussed in para-7 and to re-examine the claims of DTAA credit u/s. 90 and various claims on derivative transactions and to determine the total income accordingly. The assessment order will be modified by the AO to these extents. It is evident that Ld. Pr.CIT has, inter-alia, directed Ld. AO to disallow the expenses on account of penalties to foreign authorities as well class action settlement consideration paid by the assessee. The Ld. AO was further directed to re-examine the claims of DTAA credit u/s 90 and various claims on derivative transactions. 2. The Ld. Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7/- under normal provision and Rs,2515,28,19,785/- u/s. 115JB of the Act. 3. Subsequently the case was reviewed by the Pr.CIT -2, Mumbai and passed order u/s 263 of the I.T. Act, 1961. Pr.CIT-2 has made the following comments in para 10 of the order-: In view of the aforesaid facts and the provisions of the law mentioned in the preceding paras, the assessment order dt 28.02.2017 passed by the assessing officer u/s. 143(3) r.w.s.144C is to be held erroneous in so far as it is prejudicial to the revenue. Accordingly, the Assessment order is revised and the assessing officer is directed to disallow the claim of expenses of ₹ 55,51,637/- being payment of penalties to foreign authorities as discussed in para 6 and an amount o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isional authority. This period, in assessee s case is 31/12/2019. The proviso to the said sub-section extending the time limit to 12 months is not applicable since revisional order has been passed prior to 01/04/2019. Proceeding further, as per sub-section (5), where effect to an order u/s 263 was to be given by Assessing officer, wholly or partly, otherwise than by making a fresh assessment or reassessment, such effect shall be given within a period of 3 months from the end of the month in which the order u/s 263 has been passed by revisional authority. As per proviso to this sub-section (5), where it is not possible for Ld. AO to give effect to such order within the aforesaid period for reasons beyond his control, the prescribed authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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