GOVERNMENT OF INDIA

MINISTRY OF FINANCE
INCOME TAX DEPARTMENT
National e-Assessment Centre
Delhi

1. PAN AAACT5131A
2. Name of the assessee TITAN COMPANY LIMITED
3. Address of the assessee 3 SIPCOT INDUSTRIAL COMPLEX, HOSUR
HOSUR, 635126, Tamil Nadu, India
*ITBA100034419089*

4. Assessment Year 2016-17

5. Status COMPANY
6. Residential Status Resident
7. Date of filing of Return of Income 29/11/2016
8. Acknowledgement Number of Return of 546920691291116
Income
9. Date of processing u/s 143(1)(a) of the 30/01/2018
Income-tax Act.
10. Date of service of Notice under section 143(2) As per Order Sheet
of the Income-tax Act
11. Date(s) of issue of Notice(s) under section As per Order Sheet
142(1) of the Income-tax Act
12. Order passed under section 143(3) r.w.s 144C(13) read with section 144B
of the Income-tax Act
13. Returned Income Rs. 4,69,53,19,210
14. Date of Order 23/04/2021
15. DIN ITBA/AST/S/143(3)/2021-22/1032651064(1)

ASSESSMENT ORDER

1. The case was selected for Complete Scrutiny assessment under the E-assessment Scheme, 2019 on
the following issues:-

S. No. Issues
i. Whether investment and income relating to foreign financial interest are duly disclosed.
ii. Whether refund claim is justified.
iii. Whether expenditure claim includes penalty or fine.
iv. Whether sales turnover/receipts has been correctly offered for tax.
v. Whether deduction claimed on account of scientific research is admissible.
vi. Whether value of specified domestic transactions have been correctly shown in Form 3CEB
and return of income.
vii. Whether claim of deduction against business income is admissible.
viii. Whether deduction under Chapter VIA has been claimed correctly.
ix. Whether the current liabilities shown are genuine.
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S. No. Issues
x. Whether tax aspects related to unlisted equities have been considered in the return of
income.
xi. Whether deduction claimed on account of other expenses is admissible.
xii. Whether outward foreign remittance is from disclosed sources and appropriate withholding
and reporting obligations have been complied with.
xiii. Whether stock has been valued correctly.
xiv. Whether deduction claimed on account of interest expenses is admissible.

.
.
.

Order u/s 143(3) r.w.s 144C(13)

In this case draft order u/s 144C of the Income Tax Act, 1961 (the Act) was passed on
30.12.2019. The same is reproduced as under:

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2. Against the above order the assessee filed objections before the DRP-2 Bengaluru
on 28.01.2020. The DRP vide order dated 19.03.2021 issued directions. The order of the
DRP dated 19.03.2021 is reproduced hereunder:-

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3. In view of the above order of the DRP, the income of the assessee is computed as
under:-

COMPUTATION OF TOTAL INCOME

Particulars Amount in Rs. Amount in Rs.

Income as per return dated 29.11.2016 485,82,01,490

Add: Additions as discussed in the order

1. TPO adjustment 57,57,84,000

2. Provision For Customer Loyalty Program 30,90,43,882

3. Disallowance of excess deduction claimed 290,17,00,000

u/s. 80IC (u/s144A direction given by JCIT, LTU,

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Chennai)

Total Disallowances Made 378,65,27,882

Assessed Income 864,47,29,372

Round off to 864,47,29,370

Tax thereon @30% 259,34,18,812

Computation of Book Profit U/s.115JB

Tax payable u/s 115JB: Rs 878,46,85,215

Add: Provision for Customer Loyalty Program: Rs. 30,90,43,882/-

Assessed Book Profit: Rs. 909,37,29,097/-

Tax @18.5%: Rs. 168,23,39,883/-

Since, tax payable under normal computation is higher than tax payable under book
profit, the same is adopted.

4. Assessed u/s. 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961. Given credit for
taxes already paid. Interest charged as per law. Tax working in ITNS-150 forms part
of this order. Demand Notice and Challan issued accordingly. Issued penalty notice
u/s 274 r.w.s 271(1)(c) of the I.T Act, 1961

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Yours faithfully,
Additional / Joint / Deputy / Assistant Commissioner of Income Tax/
Income-tax Officer,
National e-Assessment Centre,
Delhi

Copy to:

Assessee

Yours faithfully,
Additional / Joint / Deputy / Assistant Commissioner of Income Tax/
Income-tax Officer,
National e-Assessment Centre,
Delhi

Signature Not Verified

Digitally signed by Vishesh
Prakash
Date: 2021.04.23 17:31:54 IST
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