Case Law Details
Biocon Biologics Limited Vs DCIT (ITAT Bangalore)
ITAT Bangalore held that inspite of repeated intimation informing the amalgamation of the assessee, the assessment has been completed on a non-existing i.e. amalgamated company and therefore the the assessment order in the name of amalgamated company is treated as null and void.
Facts-
During the course of assessment proceedings, reference was made to TPO for determination of Arm’s Length Price of international transactions with its AE’s. TPO passed order u/s 92CA(3) of the I.T.Act proposing TP adjustment of Rs.2,31,00,871 on interest on delayed trade receivables. AO issued the Draft Assessment Order incorporating the TP adjustment proposed by the TPO.
Aggrieved, the assessee filed objections before the Dispute Resolution Panel (DRP). DRP granted partial relief to the assessee. Consequent to the DRP’s directions, the TP adjustment of Rs.2,31,00,871 was reduced to Rs.1,10,31,130. Further, the DRP also directed the AO to set off the TP adjustment with the brought forward losses as provided in the CFL Schedule of return of income.
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