Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (10) TMI 679 - ITAT MUMBAIValidity of the notice u/s 147 & 148 - income accrued in India - PE in India - whether Assessee company has established the permanent establishment and the office of the Assessee was attribution of the income to the Assessee company - Held that:- The activity of the Assessee company was commercial in nature and these companies were paying consultation fees while in the instant case, nothing was found contrary to the subject approved by the RBI in its letter dated 19.05.1995. In view of the said discussion we arrived at this conclusion that the no activity was done by the Assessee out of the purview of the sanction of the RBI dated 19.05.1995 and there is no income of the Assessee accrued which is taxable in India. Nothing came into notice that the objection was disposed of by the relevant assessing authority, therefore, view of the said law settled in KSS Petron Pvt, Ltd. Vs. ACIT Circle-10-Mumbai [2016 (10) TMI 1112 - BOMBAY HIGH COURT] we are of the view that notice u/s 147/148 is not liable to be sustainable in the eye of law, therefore, we set aside the same and accordingly this issue is the decided the appeal against the Revenue.
|