TMI Blog2024 (4) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is allowed. The impugned order rejecting the declaration and undertaking made by the petitioner/assessee along with the communication are set aside. - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MS. JUSTICE TARA VITASTA GANJU For the Petitioner Through: Mr Percy Pardiwalla, Sr. Advocate with Mr Hiten Chande, Advocate. For the Respondents Through: Mr Prashant Meharchandani, Sr Standing Counsel with Mr Akshat Singh, Standing Counsel. Mr Ravi Prakash, CGSC with Ms Usha Jamnal, Adv. for UOI. RAJIV SHAKDHER, J.: (ORAL) 1. This writ petition concerns Assessment Year (A.Y.) 2011-12. 2. Via the instant writ petition, the petitioner/assessee seeks to assail the order [Annexure P-22] passed by respondent no.1/revenue rejecting the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order, the AO proposed various additions to the income of the petitioner/assessee. 5.1 The AO assessed the net taxable business income of the petitioner/assessee at Rs. 2,75,90,61,548/-. Besides this, the AO also added interest earned from External Commercial Borrowings [ECBs] amounting to Rs. 2,15,06,42,866/-. 5.1 Aggrieved by the draft assessment order, the petitioner/assessee pursued objections before the Dispute Resolution Panel [DRP]. The DRP allowed some objections of the petitioner/assessee while dismissing others. 6. Pursuant to the directions passed by the DRP, the AO framed a final assessment order dated 18.12.2015 computing the income of the petitioner/assessee at Rs. 2,28,02,36,684/-. The addition of interest from ECBs was reta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Special Leave Petition (SLP). 10.1 The application for settlement was under the VSV Act only vis- -vis the respondent/revenue s appeal before the Delhi High Court, i.e., ITA 1072/2017. 11. Given the fact we have concluded, while disposing of WP(C) 4871/2021, that an applicant can choose to settle one or more appeals or SLPs that may emerge from a given assessment year under the VSV Act, the issue raised in this writ petition stands covered by a decision in the said matter. 12. Accordingly, the prayer made in the writ petition is allowed. The impugned order rejecting the declaration and undertaking made by the petitioner/assessee along with the communication dated 17.02.2021 are set aside. 13. Consequently, respondent no. 1/revenue will tak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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