2 Aricent Technologies (Holdings) Ltd vs. Assistant Commissioner Of Income Tax & Anr.
[WP (C) 13765 of 2022, AY 2007-08
Dated: 27th February, 2023, (Del.) (HC)]
Section 153 – Assessment barred by limitation - Refund of the taxes paid:FSSL (which is now amalgamated with the petitioner company) had filed its return of income for the A.Y. 2007-08 on 26th October, 2007 declaring a total income of Rs. 17,64,76,208. The said return was picked up for scrutiny under section 143(3) of the Income Tax Act, 1961. On 27th September, 2010, the Transfer Pricing Officer passed an order proposing an addition of Rs. 8,96,40,636 on account of corporate charges. Thereafter, on 24th December, 2010, the AO passed a Draft Assessment Order proposing to assess FSSL’s income for the relevant assessment year at Rs. 2,43,55,56,670 by disallowing the project expenses to the extent of Rs. 39,15,46,619 and disallowing deduction under section 10B of the Act quantified at Rs. 177,78,93,207.
The Dispute Resolution Panel upheld the Draft Assessment Order, by its order dated 02nd August, 2011. Pursuant to the said order, the AO concluded the assessment and passed the Assessment Order dated 31st October, 2011 under section 143(3) of the Act r.w.s 144C(13) of the Act, whereby the total income of FSSL was assessed at Rs. 243,55,56,670.
Pursuant to the said assessment, a demand of Rs. 117,22,62,912 was raised. A refund of Rs. 26,01,53,355 re
