TECHNICOLOR INDIA PRIVATE LIMTIED ,BANGALORE V. DCIT, CIRCLE-7(1)(1), BANGALORE

ITTPA 2531/BANG/2024

AI Insights

The case involves M/s. Technicolor India Private Limited, which appealed against the final Assessment Order passed by the Income Tax Department, which included a significant transfer pricing adjustment and other additions to the assessed income for the Assessment Year 2021-22. The Tribunal noted the absence of representation for the appellant and the closure of the company's operations in India, along with the liquidation of its parent company. Given these circumstances, the Tribunal dismissed the appeal as not maintainable, with the provision that the order could be recalled if circumstances change.

• Counselvise Citation: [2026] 140 COUNSELVISE.COM (IT) 832196 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 27 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 20-01-2026
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: misc
• Appeal Filed On: 23-12-2024
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DIVYA K.; J
• Keywords: Transfer pricing; International transaction; Liquidation
• Section: 143(3)

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SHRI PRASHANT MAHARISHI, VICE – PRESIDENT AND SHRI KESHAV DUBEY, JUDICIAL MEMBER IT(TP)A No. 2531/Bang/2024 Assessment Year : 2021-22 M/s. Technicolor India Private Limited, Level 9, Navigator, International Tech Park, Whitefield, Bengaluru, Karnataka – 560066. PAN: AACCT0862G Vs. The Deputy Commissioner of Income Tax, Circle – 7(1)(1), Bengaluru – 560 095 APPELLANT RESPONDENT Assessee by : None Revenue by : Dr. Divya K., J - CIT Date of Hearing : 20-01-2026 Date of Pronouncement : 20-01-2026 ORDER PER PRASHANT MAHARISHI, VICE – PRESIDENT 1. IT(TP)A No 2531/Bang/2024 is filed by M/s. Technicolor India Private Limited (the Assessee/Appellant) against the final Assessment Order passed by the Assessment Unit, Income Tax Department (the AO) u/s. 143(3) r.w.s. 144C(13) and 144B of the Income Tax Act, 1961 (the Act) dated 28.10.2024 determining the total income at Rs. 99,41,34,430/-against the returned income of Rs. 63,50,28,170/- for Assessment Year 2021-22 passed in pursuance of the order u/s. 92CA passed by the ACIT Transfer Pricing 2(2)(2), Bengaluru (the Ld. Printed from counselvise.com IT(TP)A No. 2531/Bang/2024 Page 2 of 3 TPO) and the direction of the Ld. Dispute Resolution Panel-2, Bengaluru. 2. Despite several noticesbeing issued, none appeared on behalf of the Assessee. The Ld. CIT-DR submitted that Assessee is an Indian Private Limited Company which is a subsidiary of M/s. Technicolor Asia Pacific Holdings Private Limited and where the ultimate holding company is M/s. Technicolor SA, France. This company is closed globally. 3. On our verification of the details, it was found that the Assessee has closed its operations in India. Further at phone no. given in Form No. 36, the bench clerk was also directed to verify the fact wherein it was also stated that it belongs to an employee who has already left and the company is closed. 4. In view of this we do not have any alternative but to hold that this company has left and there is no mechanism available with us to find out whereabouts of this company at present. 5. We also find that the addition is with respect to the transfer pricing adjustment of Rs. 35,88,06,263/- on account of international transaction of VFX segment, management fee and interest on delayed receivables. There is also an addition of Rs. 3,00,000/- being difference in Form No. 26AS and turnover shown by the Assessee. 6. Even on the merit, in absence of any detail, we do not find any infirmity in the order of the Ld. Assessing Officer and the direction of the Ld. Dispute Resolution Panel. 7. In view of the above facts where we find that the parent company of the Assessee Indian Company has undergone the liquidation, the Indian Company has also closed the operation in India, and it is not Printed from counselvise.com IT(TP)A No. 2531/Bang/2024 Page 3 of 3 available where it is to be communicated. In view of this, we find that the Appeal is not maintainable at all. Hence dismissed. 8. Further, we give liberty that as and when Assessee undergoes changes in the facts and circumstances and wishes to pursue the above appeal, necessary application for recall of the above order may be made, which may be recalled subject to provisions of law. Order pronounced in the open court on 20th January, 2026. Sd/- (KESHAV DUBEY) Sd/- (PRASHANT MAHARISHI) JUDICIAL MEMBER VICE-PRESIDENT Bangalore, Dated, the 20th January, 2026. *TNTS* Copy to: 1. Appellant 2. Respondent 3. CIT 4. DR, ITAT, Bangalore 5. CIT(A) By order Assistant Registrar, ITAT, Bangalore Printed from counselvise.com "