9911796707
TMI Blog2025 (4) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... income-tax and interest, aggregating to Rs. 277,07,08,404/-, raised by the Revenue vide notice of demand/computation sheet dated 28th July, 2022(DIN & Document No. ITBA/AST/S/186/2022-23/ 1044275558(1) & ITBA/AST/S/156/2022-23/1044275557(1)). The assessment order was passed by learned Assessing Officer on 28th July, 2022 u/s 143(3) read with Section 144C(3)(DIN & Order No. ITBA/AST/ S/143(3)/2022-23/1044275387(1)). The said computation sheet, notice of demand and assessment order are placed in paper book filed along with stay application at page no. 94-127. 2. At the outset, Ld. Counsel for the assessee submitted that the Division Bench of ITAT, Delhi had earlier granted stay on recovery of outstanding demand towards income-tax and intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t asset held for sale and discontinued operations' upon transfer of certain assets to FMC India Private Limited on 01.11.2017. The details were submitted before the authorities, and it was merely owing to classification upon transfer of certain assets to FMC India Private Limited, this income stood added while there is no impact on profitability. It is averred that there were no proper columns in the ITR and hence proper disclosure could not be made in the ITR. It is averred that the ld. DRP directed AO to verify the same, but the AO made the additions. It is averred by the assessee that the transferee company could not do business owing to certain approvals being required to carry out business which were being obtained by the transferee, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 22.09.2023. It is further submitted that the assessee has challenged the legality of the order passed by ld. DRP on the ground that the same was issued without a valid Documentation Identification Number (Ground No. 6 and 7), and intimation letter issued by CIT(DRP) is also invalid and bad in law as they do not meet the pre-requisite of Circular No. 19/2019 dated 14.08.2019 issued by CBDT. It was submitted that Revenue had sought adjournment on 07th February, 2024 on the ground that DIN issue is involved in this appeal. It was submitted that the ITAT on 27th November, 2024 adjourned the appeal of the assessee sine-die on the ground that DIN issue is involved in this appeal. The ld. Counsel for the assessee drew our attention to judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, on which originally stay on recovery of outstanding demand was granted by ITAT vide orders dated 09.09.2022 which got extended on 17.03.2023 and 22.09.2023 i.e. subject to recovery/deposit of Rs. 39 crores against the outstanding demand of income-tax and interest thereon. As we have observed, without commenting on the merits of the issues, that out of total additions made to the income of the assessee by the Revenue, it is claimed by the assessee that the addition to the tune of Rs. 158.67 crores have been made to the income of the assessee on account of difference in stock between closing stock as mentioned in ITR for assessment year 2017-18 and the opening stock as mentioned in ITR for assessment year 2018-19, which the assessee has c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Rs. 39 crores has not been done by the Revenue. The AO shall take immediate steps to recover and adjust Rs. 39 crores from the refund due to the assessee, otherwise the assessee is directed to deposit the said amount of Rs. 39 crores if no refund is due and payable to the assessee. The AO shall adjust the same against the outstanding demand of income-tax and interest thereon. The assessee on its part shall also co-operate with the AO to submit relevant information w.r.t. adjustment of refunds claimed to be due to the assessee to the tune of Rs. 39 crores, or otherwise the assessee shall make payment/deposit of Rs. 39 crores with Revenue/Government if no refund is found to be due and payable to the assessee. We have observed from the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al on recovery and adjustment of Rs. 39 crores, either by adjustment of refund or deposit by assessee, as directed by us as above. The AO will take immediate steps towards the same. The appeal was adjourned sine-die as the issue involved in this appeal concerns issue of DIN, and the same shall continue to be so, till application for fixation of hearing is moved. We clarify that we have not commented on the merits of the issues arising in the appeal. It will be relevant to refer here to the order of Hon'ble Delhi High Court dated 29th July, 2022 in M/s Expeditors International of Washington Inc. v. ACIT, Circle International Tax 1(2)(2), Delhi in WP(C) 11032/2022 & C.Mo. No. 32314/2022. The terms and conditions of this stay order was announc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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