TMI Blog2022 (3) TMI 654X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed out any mistakes in the conclusions arrived at by us. We therefore, deem it fit and proper to dismiss the rectification petition as ill conceived and devoid of substance. Rectification petition is dismissed. - MA No 88/Mum/2021 In ITA No. 6077/Mum/2018 - - - Dated:- 4-3-2022 - Pramod Kumar (Vice President) And Sandeep Singh Karhail (Judicial Member)] T. Shankar for the applicant Madhur Agarwal along with Fenil Bhatt for the respondent ORDER (Dictated in the open court) Per Pramod Kumar, VP: 1. By way of this application, the Assessing Officer points out, what he perceives as, certain mistakes apparent on record in the order dated 25th February 2021 passed by us. 2. The stand of the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. On the facts and circumstances of the case and in law, the Hon'ble ITAT could have set aside the order of the AO and directed him to follow the due procedure u/s 143(3) of the I T Act as the draft assessment order passed by the AO was in substance and effect in conformity with or according to the intent and purpose of the Act, being prejudicial to the assessee, and such mistake or defect was curable us 292B of the IT Act. Brief facts: IPF India Property Cyprus (No.1) Ltd. (hereinafter the assessee ) is incorporated in Cyprus in 2010. The assessee is a SPV for investments to be made in India and has made certain investments in compulsory convertible debentures (CCDs) of an Indian Company- Krona Realties Private Limited (Kron ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h deal with the merits of stand taken by the Assessing Officer in the assessment order, are rendered academic and infructuous. Comments for filing Miscellaneous appeal: It is noticed that Hon ble ITAT was not justified in quashing the assessment order itself. The AO correctly understood the intent and purpose of Section 144C of the I T Act and passed the draft assessment order accordingly as the tax liability of the assessee has increased massively as a result same. 3. We have heard the rival contentions, perused the material on record and duly considered facts of the case in the light of applicable legal position. 4. A careful perusal of the rectification petition clearly shows that the applicant Assessing Officer has no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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