SUN PHARMACEUTICAL INDUSTRIES LTD. SPARC Vs. ACIT

JUDGEMENT

(1.) THIS stay petition has been moved by the applicant on 12th January, 2015 seeking stay of penalty proceedings to be initiated by Ld. CIT(A). The relevant portion of the stay petition is reproduced below: - -

(2.) BRIEF background is that the applicant company is engaged in the manufacturing of pharmaceutical products. A return of income was filed declaring Rs. 32,8,64,172/ - and book profit u/s. 115JB of Rs. 266,89,19,660/ -. Thereafter the case was referred to "Transfer Pricing Officer" u/s. 92CA for determining the arms length price in respect of international transaction. Thereupon, an assessment u/s. 143(3) was finalized vide an order dated 19 -12 -2011 and the total income assessed at Rs. 476,67,95,780/ -. Being aggrieved, the matter was carried before the first appellate authority. Ld. CIT(A) vide an order dated 14th October, 2014 has enhanced the income by a sum of Rs. 269,64,18,742/ -. The bifurcation of the enhancement of income is stated to be as under: - -

(3.) IN the light of the above background, Ld. AR, Shri S.N. Soparkar, has referred an order of ITAT "C" Bench Ahmedabad pronounced in the case of GE India Industrial Pvt. Ltd. said application No. 62/Ahd20012 order dated 4th January, 2013 wherein it was held as under: - -