Case Law Details
Oxbow Energy Solutions LLC Vs DCIT (ITAT Delhi)
ITAT Delhi held that assessment order passed in violation of the directions of Dispute Resolution Penal (DRP) is against the provisions of sub-section (10) and (13) of section 144C of the Act and hence liable to be quashed
Facts- Assessee is a non-resident corporate entity incorporated in the United States of America (USA). From the information generated through the Annual Information Report (AIR) of the department, it was noticed that certain income earned by the assessee during the year was not offered to tax.
The assessee had not filed any return of income for the impugned assessment year. From the system generated information, it was noticed by AO that in the year under consideration, the assessee had entered into a transaction of sale and purchase in National/Multi-commodity exchange. In absence of any details due to non-filing of ROI, NMS notice was sent to the assessee.
However, the notice remained un-complied. Thus, AO forming a belief that income chargeable to tax under dispute has escaped assessment, reopened the assessment u/s 147 by issuing notice u/s 148. The same was also not responded. Due to non-furnishing of details, AO added the amount by invoking provisions of section 69A.
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