1 Respondent-assessee was in the business of rendering research and technical services. The return of income was filed on 24 th September 2009 for A.Y.-2008-09 declaring total income at Rs.Nil. The return of income was duly processed under Section 143(1) of the Income Tax Act, 1961 (the Act).
The case was selected for assessment and order under Section 143(3) of the Act was issued and served on assessee. Assessee had entered into international transaction with associated enterprises exceeding Rs.15 crores. Considering the nature of transaction, a reference under Section 92CA(1) of the Act was made to the TPO. The TPO vide order dated 24 th October 2011 determined the ALP and suggested adjustment of Rs.3,59,81,523/- to be made with the international transaction. The Assessing Officer passed the draft assessment order dated 29 th December 2011 and a final order dated 15 th February 2012 was passed making an Meera Jadhav ::: Uploaded on - 07/03/2024 ::: Downloaded on - 07/03/2024 12:11:47 ::: 2/4 4-itxa-1209-17.doc addition on account of international transaction amounting to Rs.3,59,81,523/-. Other additions were also made. 2 Assessee challenged the assessment order before the Commissioner of Income Tax (Appeal) [CIT(A)], who partly allowed the appeal. The CIT (A) upheld the order of the Assessing Officer to the extent of addition on account of international transaction amounting to Rs.3,59,81,523/-. This also was unacceptable to assessee, who preferred the appeal before the Income Tax Appellate Tribunal (ITAT) against the order dated 11 th September 2013 passed by the CIT(A).
