9911796707
TMI Blog2023 (3) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld. Dispute Resolution Panel ('DRP' for short), relevant to the Assessment Year ('A.Y.' for short). 2. As the facts are identical in both these appeals, we hereby pass a consolidated order by taking ITA No. 2380/Mum/2022 as the lead case. 3. The brief facts are that the assessee is a public limited company engaged in the business of scheduled airline carrying out transportation of passengers and cargo and other allied services and was incorporated under the Companies Act, 1956 on 01.04.1992 consisting of nine directors. The assessee filed its return of income dated 29.11.2016, declaring total income at Rs.Nil under the normal provisions and book loss of Rs.Nil u/s. 115JB of the Act. 4. Subsequently, the assessee revised its ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the earlier submission that the assessee company was undergoing proceedings in the NCLT was furnished. The TPO/A.O. proceeded to bench mark the international transactions and specific domestic transaction of the assessee, thereby making an adjustment which are as follows: (Draft Assessment order pg.13 of 33) 1 Slot Rent Expenses Rs.34,30,59,063/- 2 Aircraft Lease Rental Income Rs.105,39,00,000/- 3 Labour Charges for Aircraft Maintenance Services Rs.21,56,66,189/- 4 Standby Letter of Credit Commission Rs.19,67,62,500/- 5 Reimbursement of Expenses by assessee to AE Rs.59,57,65,377/- 6 International Transaction of GSA Commission Rs.24,54,84,368 Total Rs.265,06,37,497/- 5. The impugned amount was then added to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Selling & Distribution expenses - as discussed above in order 346,88,14,902 8. Profit on sale FFP business - as discussed above in order 346,88,14,902 9. Difference in transactions by Special Auditors - as discussed above in order 121,98,00,000 10. Profit received as share of development of Plot at BKC - as discussed above in order 153,20,00,000 11. Disallowance of provision of Redelivery of Aircraft - as discussed above in order 47,24,00,000 12. Disallowance of provision for spares obsolescence - as discussed above in order 67,96,00,000 13. Interest received on FD & others and loan and advances given - as discussed above i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ough insolvency process before the Hon'ble NCLT, the assessee was unable to furnish the required documentary evidence along with the explanation proposed by the assessee in view of the various additions made by the A.O. The ld. AR further contended that Shri Ashish Chhawchharia has been appointed as an Authorized Representative by the Monitoring Committee for which the assessee is said to have filed Revised Form 36 dated 02.01.2023. The ld. AR prayed for one last opportunity to present the assessee's case before the A.O. 9. The learned Departmental Representative (ld. DR for short) for the Revenue, on the other hand, vehemently opposed to remanding this issue back to the A.O. for the reason that the assessee has been given sufficient oppor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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