TMI Blog2016 (4) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... rt declines to frame any question on this issue. Interest on ECB - Held that:- As regards the interest received on interest on ECB and deduction under Section 44C of the Act, the question related to this issue appears to have not been decided by the ITAT in favour of the Assessee, but remanded to the AO for a fresh decision since it held that the loan agreements filed as additional evidence has to be considered for arriving at the correct taxability of interest.In that view of the matter, no substantial question of law arises for consideration of this Court. Applicability of Section 115JB - Held that:- The ITAT has after an elaborate discussion had come to the conclusion that the Assessee's claim for lower tax will have to be accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 and ITA No. 5104/Del/2011 for AY 2008-09. 2. The Respondent, the Bank of Tokyo Mitsubishi UFJ Ltd. is a company incorporated in Japan and is resident of Japan within the meaning of Article 4 of the Double Taxation Avoidance Agreement ( DTAA ) between India and Japan. It is stated that during the relevant AYs under consideration, the Assessee was engaged in banking operations in India mainly catering to the requirements of Japan-based corporate and individual clients. These included Japanese companies and joint ventures in India and the Japanese expatriates working in those companies and deputed in India. It is stated that the Assessee operated in India under the licence issued by the Reserve Bank of India. The case of the Revenue is th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee as it was having a PE in India. 4. Aggrieved by the above assessment order, the Assessee filed objections before the Dispute Resolution Panel ( DRP ). For AY 2007-08, the DRP confirmed the order of the AO by order dated 24th September 2010 which was subsequently modified/rectified on 28th October 2010. As regards AY 2008-09, the DRP passed an order on 19th September 2012, confirming the draft assessment order dated 27th December 2011. 5. Consequent upon the directions of the DRP, the AO passed a final assessment order for AY 2007-08 on 29th October 2010 and for AY 2008-09 on 29th August 2012. 6. The Assessee being aggrieved by the final assessment orders for the said AYs filed the aforementioned appeals before the ITAT whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt has been affirmed by the Supreme Court by order dated 26th August 2008 in Commissioner of Income Tax v. M/s Emirates Commercial Bank Ltd., which in turn referred to an order of the same date in Commissioner of Income Tax. v. Deutsche Bank AG (CA No. 1544 of 2006). 11. In that view of the matter, this Court declines to frame a question on this issue. Interest paid to the HO and interest received from Indian branches 12. This issue appears to be covered against the Revenue by the decision of the Calcutta High Court dated 23rd December 2010 in ABN Amro Bank(2012) 343 ITR 81 (Cal). The ITAT has followed the above decision of the Calcutta High Court and decided the question in favour of the Assessee. 13. On this issue, the Court fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ECB 18. As regards the interest received on interest on ECB and deduction under Section 44C of the Act, the question related to this issue appears to have not been decided by the ITAT in favour of the Assessee, but remanded to the AO for a fresh decision since it held that the loan agreements filed as additional evidence has to be considered for arriving at the correct taxability of interest. 19. In that view of the matter, no substantial question of law arises for consideration of this Court. Applicability of Section 115JB 20. The ITAT has after an elaborate discussion had come to the conclusion that the Assessee's claim for lower tax will have to be accepted because Section 115JB is subject to Section 90(2) of the Act an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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