9911796707
TMI Blog2024 (11) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case and in law, the learned AO has erred in considering the exempt dividend income as per the provisions of section 10(35) of the Act as taxable thereby increasing the total income. 2. On the facts and in the circumstances of the case and in law, the learned AO has erred in not considering the fact that Assessee has entered into a Unilateral Advance Pricing Agreement with the Central Board of Direct Taxes on 27 March 2024 for five consecutive years covering Financial Year ("FY') 2015-16 to FY 2019- 20 along with roll back period commencing from FY 2011-12 to FY 2014-15, for the international transaction of payment for intra-group support services availed by the Assessee from its AEs and thereby making an addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the act for under reporting of income." 3. At the very outset, addressing the issues raised vide Ground No. 1, the ld. Counsel for the assessee stated that since the claim was denied by processing the return u/s 143(1) of the Act, the assessee has moved an application for rectification u/s 154 of the Act which is pending disposal before the CPC, Bengaluru. On such concession, we are of the considered view that the said application of the assessee should be disposed off at the earliest and till the disposal of the rectification application, the AO should not take any adverse action against the assessee. Ground No. 1 is accordingly disposed off. 4. In respect of the issue relating to Transfer Pricing (TP) adjustments, the ld. Counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties below and the claim of the assessee and have also the benefit of the decision of the Co-ordinate Bench, where the Co-ordinate Bench has held as under:- ".....Where these two exceptions are provided in Section 80G of the Act, it can be inferred that the other contributions made u/s. 135(5) of the Companies Act are also eligible for deduction u/s. 80G of Income Tax Act subject to assessee satisfying the requisite conditions prescribed for deduction u/s. 80G of the Act. In the present case the A.O. has not dealt on these aspects, prima facie, considered the contributions as not voluntary but a legal obligation and has accepted the genuineness of the contributions. We are of the opinion, that the matter has to be considered for examinati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 27.07.2022, passed by the Assessing Officer was not in conformity with the directions issued by the DRP and is therefore, set aside, being contrary provisions of Section 144C(13) of the Act. The issue is remanded back to the file of Assessing Officer with the directions to pass the Final Assessment Order in conformity with the directions issued by the DRP. Accordingly, Ground No. 2 raised by the Appellant is allowed while all other grounds raised by the Appellant are disposed off as being infructuous." 7. Respectfully following the decision of the Co-ordinate Bench (supra), we direct the AO to decide the dispute after verification as per the directions given in AY 2018-19 (surpa). Ground No. 3 is accordingly allowed for statistical ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
