INNO ESTATES PRIVATE LIMITED Vs. DISPUTE RESOLUTION PANEL

JUDGEMENT

(1.) This appeal is against a judgment and order dated 14.6.2017 of the learned Single Bench dismissing the writ petition, being W.P.No.1787 of 2017, filed by the appellant writ petitioner, with liberty to challenge the impugned order of assessment dated 18.11.2016 passed by the Income Tax Officer, Corporate Ward 2(4), being the second respondent, before the First Appellate Authority under section 246(1)(a) of the Income Tax Act, 1961, hereinafter referred to as "the 1961 Act", within a period of four weeks from the date of receipt of a copy of the said judgment and order.

(2.) The appellant, a private limited company engaged in the business of real estate development, filed its Income Tax Returns electronically for the assessment year 2012-2013 on 29.9.2012, declaring 'Nil' income.

(3.) The case of the appellant was selected for scrutiny and notice dated 8.8.2013 was issued to the appellant under Section 143(2) of the 1961 Act. In the course of scrutiny proceedings, it was found that the appellant had entered into an international transaction within the meaning of Section 92B of the 1961 Act for Compulsory Convertible Debentures (CCD) of the value of Rs. 4,60,32,949/- at book interest of 15% per annum in the assessment year in question, in that it had received loan/advance in US Dollars from IIROF 4 Artemis Ltd., Cyprus, an associated enterprise of the appellant abroad, within the meaning of Section 92A of the 1961 Act.