Case Law Details
Strides Pharma Science Ltd. Vs DCIT (ITAT Mumbai)
Facts- During the relevant A.Y., the assessee had invested as share application money in two Associated Enterprises (AEs). The share application money was remitted to its A.Es from time–to–time during the relevant A.Y. In addition to this, during the earlier years, the assessee had invested the share application money in three A.Es which was outstanding as on 31.03.2014.
During the proceedings before the TPO, the assessee was asked to show cause as to why there should not be any interest imputation on the share application money.
The AO passed draft assessment order dated 20.12.2018, under section 143(3) r/w section 144C(1) of the Act on the basis of adjustment proposed by the TPO.
The DRP, vide its directions dated 30.09.2019, issued u/s 144C(5) of the Act upheld the order passed by the TPO following its directions issued in preceding AY and accordingly rejected the objections filed by the assessee. Being aggrieved, the assessee is in appeal before us.
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