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Case Law Details

Case Name : Practo Technologies Pvt. Ltd. Vs DCIT (ITAT Bangalore)
Appeal Number : IT(TP)A No.154/Bang/2022
Date of Judgement/Order : 16/06/2023
Related Assessment Year : 2017-18
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Practo Technologies Pvt. Ltd. Vs DCIT (ITAT Bangalore)

The case of Practo Technologies Pvt. Ltd. vs. DCIT (ITAT Bangalore) revolves around the assessment year 2017-18 and the challenges faced by the assessee in relation to the final assessment order issued by the Deputy Commissioner of Income Tax (DCIT), Central Circle 3(1), Bangalore. The crux of the matter lies in the assessment order passed under section 143(3) read with section 144C(13) of the Income-tax Act, 1961.

Background: Practo Technologies Pvt. Ltd. is engaged in software development, Information Technology enabled Services (ITES), and BPO services. The assessee initially declared a total loss of Rs. 81,97,22,588 after setting off income and book profits amounting to Rs. 191.40 crores. However, the case was selected for scrutiny, leading to statutory notices being issued.

The case was subsequently referred to the Transfer Pricing Officer (TPO), who proposed a significant transfer pricing (TP) adjustment of Rs. 2,70,90,67,556 concerning international transactions. These TP adjustments were incorporated into the draft assessment order, alongside other corporate tax additions made by the Assessing Officer (AO).

The assessee filed objections against these adjustments, leading to directions being issued by the Learned Dispute Resolution Panel – 2 (DRP) on 30 December 2021. Consequently, the final assessment order was passed by the AO on 28 January 2022, which the assessee appealed before the Income Tax Appellate Tribunal (ITAT).

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