M/S. BIOCON LIMITED,BENGALURU vs. COMMISSIONER OF INCOME TAX, LTU,, BENGALURU
In the result, the appeal filed by the assessee is allowed on the legal issue raised in ground no
ITA 1858/BANG/2018[2010-11]Status: DisposedITAT Bangalore09 Jun 2022AY 2010-11
Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2010-11 The Joint M/S. Biocon Ltd., Commissioner Of 20Th Km, Hosur Road, Income-Tax, Electronic City, Large Tax Payers Bangalore – 560 100. Unit [Ltu], Pan: Aaacb7461R Vs. Bangalore. Appellant Respondent : Shri Padam Chand Khincha, Assessee By Ca Revenue By : Shri Pradeep Kumar, Cit Dr Date Of Hearing : 20-04-2022 Date Of Pronouncement : 09-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 28.03.2018 Passed By Ld.Cit(A)-3, Bangalore For A.Y. 2010-11 On Following Grounds Of Appeal: “The Grounds Mentioned Herein Below Are Independent & Without Prejudice To The Other Grounds Preferred By The Appellant. 1. That On Facts & Circumstances Of The ' Case & In Law, The Order Passed By The Learned Commissioner Of Income-Tax Appeals ["Cit(A)"] Dated March 28, 2018 Under Section 250 Of The Income-Tax Act, 1961 ("The Act") For Ay 2010-11 To The Extent Prejudicial To The Appellant, Is Bad In Law & Facts & Liable To Be Quashed. 2. Scope Of Re-Assessment Proceedings
For Respondent: Shri Padam Chand Khincha
Section 147Section 250Section 35
TDS of Rs.3,16,42,729/-, advance tax of Rs.20,10,00,000/-. The assessee claimed foreign tax credit of Rs.42,61,934/-.
The Ld.AO completed the assessment u/s. 143(3) vide order dated
23.05.2014 computing gross total income of Rs. 72,78,61,570/-.
The Ld.AO in the original assessment order disallowed
Rs.27,95,73,000/- as notional foreign
