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2016 (8) TMI 364 - AT - Income TaxTaxability of income in India - overseas income i.e. interest income, dividend income and capital gain - Held that:- In CIT vs. P.V.A.I. Kulandagan Chettiar [2004 (5) TMI 8 - SUPREME Court] Hon’ble Supreme Court held that the assessee not having permanent establishment in India are Not assessable in India. Thus CIT(A) was justified in applying the provision of Indo-US Tax Treaty The fact that income was derived outside India is not disputed by AO, thus the same is not taxable in India. Hence we confirm the findings of the CIT(A) and dismissing this ground of appeal raised by Revenue. - Decided in favour of assessee Granting exemption u/s. 10(10CC) in respect of tax on perquisite provided by Siemens AG - Held that:- The CIT(A) while considering the ratio and the case of special bench in case of RBF Rig Corporation LLC (supra) held that tax borne by employer is paid directly to the tax authority and there is no payment to the tax employee, the tax so borne is a non-monetary transaction and the same is exempted u/s 10(10CC) of the Act, and further relied upon the judgment of Delhi High Court in case of Balmukund Acharya in [2008 (12) TMI 88 - BOMBAY HIGH COURT ] and held that ground/claim raised before the AO was maintainable and allowed the benefit of section 10(10CC). It is well settled law that assessee is entitled to raise not only additional legal submission before the appellate authorities, but also entitled to raise additional claim before them. The appellate authorities have the discretion whether or not to permit such additional claims to be raised. We have seen that Ld CIT(A) properly appreciated the provision of section 10(10CC) and accepted the claim of assessee which was denied by the AO on wrong premises, hence, we do not find any merit in this ground raised by the Revenue and the same is dismissed.- Decided in favour of assessee Disallowance of expenses paid to the broker in US for managing the portfolio - Held that:- This ground is directly linked with the ground No.1 raised in the present appeal which we have already decided against the Revenue and in favour of assessee holding that the foreign income to the assessee is not taxable in India. Hence the expenses relating to earning to the foreign income does not require any adjudication. Hence, this ground of appeal is also having no merit and the same is dismissed.- Decided in favour of assessee
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