TMI Blog2021 (12) TMI 1260X X X X Extracts X X X X X X X X Extracts X X X X ..... ied domestic transactions is reported at Rs. Nil. Return of income has been filed by assessee on 22.11.2013 meaning thereby that the Form 3CEB has been obtained after the filing of return of income - the perusal of the Form 3CEB also reveals that there is no mention of the amount received on capital account nor does it state any reason for not reporting the receipt amount on capital account in the Form 3CEB. Considering the totality of the aforesaid facts, we find that the CIT(A) was fully justified in holding that since assessee has filed its return of income beyond the stipulated due of 30.09.2013, the assessee was not eligible to claim the carry forward of the losses. We thus find no infirmity in the order of CIT(A) and therefore we u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, assessee had no receipts but had incurred expenses of ₹ 1,86,22,133/- and had claimed losses in its return of income. According to AO, the due date of filing the return of income was 30.09.2013 but assessee has filed its return of income on 22.11.2013 which according to the AO was after the due date prescribed u/s 139(1) of the Act. AO also noticed that Form 3CEB which assessee had filed showed Nil international transactions. Assessee was therefore asked to show-cause as to why the loss claimed during the year under consideration not be disallowed as the return of income was not been filed within the due the date prescribed u/s 139(1) of the Act. Assessee in response to the aforesaid show-cause notice inter alia submitted that asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax, Circle 3(1)(1), International Taxation (Learned Assessing Officer)(hereinafter referred to as Ld. AO ) under Section 144C(3) r.w.s 143(3) of the Income Tax Act, 1961 ( the Act ) is bad in law and liable to be quashed. 2. That Ld. CIT(A)/AO erred on facts and in law, in concluding that the return filed on 22.11.2013 was not a valid retrun under section 139(1). 3. That Ld. CIT(A)/AO erred on facts and in law, in holding that form 3CEB was filed to extend the deadline for filing of return and in disregarding the fact that appellant bona fide filed form 3CEB to avoid any transfer pricing non-compliance in view of decision of Hon ble Bombay High Court in Shell India Markets (P.) Ltd. Vs. ACIT [369 ITR 516] and Vodafone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterprises for the purpose of Section 92 of the Act. It was further submitted that the transactions between the non-resident and the assessee would attract transfer pricing provisions and according to the understanding of the assessee, it was of the view that transfer pricing provisions was applicable and accordingly assessee filed the Form 3CEB reporting Nil transaction to avoid any TP non-compliance under the Act. It was further submitted that there was no malafide intention on the part of the assessee to file the Form 3CEB to get the benefit of extended time for filing the return of income. He therefore reiterated that since the assessee was of the belief that the transfer pricing provisions was applicable to it, the due date of filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... EB. The perusal of Form 3CEB placed in the paper book reveals that it has been certified by the Chartered Accountant on 30.11.2013 and further as per the aforesaid form, the value of international transactions or specified domestic transactions is reported at Rs. Nil. It is also an undisputed fact that the return of income has been filed by assessee on 22.11.2013 meaning thereby that the Form 3CEB has been obtained after the filing of return of income. Further, the perusal of the Form 3CEB also reveals that there is no mention of the amount received on capital account nor does it state any reason for not reporting the receipt amount on capital account in the Form 3CEB. Considering the totality of the aforesaid facts, we find that the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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