ITA Nos.3349 to 3352 & Others/Del/2015

Parties Involved

Facts Summary

A search & seizure operation under section 132 of the Income Tax Act, 1961 was conducted by the Investigation Wing of the Income Tax Department on 22.03.2012 in M/s Focus Energy Group of cases. In the course of the search operation, certain incriminating documents pertaining to the assessee were found and seized. Accordingly, notice under section 153C was issued on the assessee and assessment has been completed under sections 153C/144 of the Income Tax Act on 28.03.2014. The assessee is a non-resident corporate entity, BVI based company incorporated in 1994, which owns equipments related to exploration and development of oil fields and leases them to a company named “Focus Energy Ltd.” which is deducting tax on lease rent paid to the assessee as per the provisions of TDS. The assessee is an ‘eligible assessee’ for the purpose of Section 144C(15)(b) of the Income Tax Act, 1961.…

Legal Issues

• 1. Whether the Assessing Officer erred in law and on facts by not forwarding a draft Assessment Order to the assessee as per the provisions of Section 144C(1) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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