Genpact Infrastructure (Hyderabad) Private Limited v/s Income Tax Officer, Ward 12(3), New Delhi

Parties Involved

Facts Summary

The assessee, Genpact Infrastructure (Hyderabad) Private Limited, was engaged in providing IT and IT-enabled services. It filed its return of income for the year under consideration, declaring total income at Rs.2,07,85,431/-. The assessee's case was selected for scrutiny, and notices under sections 143(2) and 142(1) of the Income Tax Act were issued. The Assessing Officer observed that the assessee had entered into international transactions with its Associated Enterprises (AEs) and made a reference to the Transfer Pricing Officer (TPO) under section 92CA of the Act. The assessee had receipts including 'other income' aggregating to Rs.145.58 crores during the year and had claimed deduction under section 10AA of the Act. The Assessing Officer rejected the assessee's contention and held that the foreign exchange gain was not derived from the specified business activity of SEZ undertaking within the meaning of Section 10AA of the Act. The assessee was in appeal before the first appellate authority, who partly allowed the appeal, against which the assessee is in appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the order passed by the Commissioner of Income Tax (Appeals) is bad in law?
• 2. Whether the assessment order passed in the name of a non-existent entity is valid?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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