Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 295 - AT - Income TaxIncome deemed to accrue or arise in India - interest as per Article 12 of Indo-UK DTAA and Section 2(28A) of the Income tax Act - HELD THAT:- We find that under the identical set of facts and circumstances of the case, the matter has been decided by the Coordinate Chandigarh Benches in case of Shri Mohinder Singh Sanghera [2018 (9) TMI 2113 - ITAT CHANDIGARH] AND Shri Karnial Singh [2022 (12) TMI 1307 - ITAT CHANDIGARH] nothing has been brought on record to the effect that the aforesaid decisions of the Coordinate Benches have either been stayed or reversed by the Higher Courts. Further, no contrary decision of any Higher authority has been brought to our notice. Therefore, we see no reason to deviate from the view already taken by the Coordinate Benches and following the same, the assured return from M/s Omaxe is in the nature of interest taxable @ 15% under Article 12 of India-UK DTAA. In the result, ground no. 4 of the assessee’s appeal is allowed in favour of the assessee and against the Revenue. Unexplained cash credits - admission of additional evidence - HELD THAT:- We deem it appropriate that the additional evidence so submitted by the assessee be considered and specific finding be recorded in this regard after examining the additional evidence. In view of the same, the matter is set-aside to the file of the ld CIT(A) who shall examine the additional evidence and shall decide the matter a fresh as per law after providing reasonable opportunity to the assessee. In the results, the grounds no. 5-7 are allowed for statistical purposes.
|