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TMI Blog2017 (3) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bench that facts, circumstances and arguments in regard to the issues continue to remain the same. 2. Although in each of these appeals, various grounds have been raised by the assessee which are identical, however, the parties were heard only in regard to the additional ground sought to be raised by the assessee in each of these appeals vide application dated 30/11/2011 under Rule 11 of the ITAT Rules. The same is reproduced from ITA No.448/Del/2011 hereunder:- "The Learned CIT(A) while disposing the appeal of this appellant had not disposed specific grounds raised by this appellant. Hence, the additional ground, which reads as follows:- "That on the facts and the circumstances of the case, the Ld. CIT Appeals had erred in not dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the order under 201(1)/ 201(1A) of the Act as held by the special bench decision of Mumbai Tribunal in the case of Mahindra & Mahindra Limited v DCIT (ITA No.2606/Mum/2000)." 2.2. Inviting attention to the consolidated order, it was submitted that while dismissing the appeal of the assessee on merits, making inaccurate factual observations which are contrary to the view taken by the Assessing Officer itself, the CIT(A) has not cared to give any finding either on jurisdiction or on the limitation issue. Accordingly, it was his prayer that the order is perverse and may be set-aside in order to address the issue in the light of the factual position accepted by the Assessing Officer himself. Attention was invited to the consolidated order p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Statutory requirements wherein the Assessing Officer is required to pass a separate order for each financial year and raise a separate notice of demand in each of the years. It was also his submission that even on merits, the factual inaccuracies have not been addressed by the CIT(A) and even otherwise the basic settled principles of the law of contracts and the consequences of amalgamation by the order of the Hon'ble High Court dated 01/04/2006 have not been appreciated or considered by the said authroity. It was also his submission that the Assessing Officer though concludes that there is no contract and ignore the fact that the application of LIBOR + 140 bps by him which figure has been offered and accepted in the re-negotiated c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 180 bps. * As per the terms of the loan agreement, APRPL was liable to bear the withholding tax on interest payments to SCB Singapore. * The assignment clause in the loan agreement mentions that the lender and the security agent has the right to transfer/assign their rights and obligations under the loan agreement." 4.1. The principal sum and interest was deposited in the bank account of ACB, Singapore maintained in ACB, New York Branch of ACB, UK. The relevant regulatory certificate from the Chartered Accountant while remitting the payments to ACB, Singapore in view of Circular No.759 dated 18/11/1997 was claimed to have been relied upon. It has been stated that in accordance with the provisions of Article 11(2) of the India Singapor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ECB - 2 return with the Reserve Bank of India ("RBI"), an intimation was duly filed with the RBI, vide letter dated 3 January 2006, that the ECB has been transferred from SCB (Singapore) to SCB (Mauritius) Limited." 4.2. It has been stated that while remitting the interest payments to SCB (Mauritius) Limited in the financial years 2005-06, 2006-07 and 2007-08, the assessee did not withhold tax by relying on the provisions of Article 11(3) of the India Mauritius tax treaty which provide that where the interest income is derived and beneficially owned by a bank (which is a resident of Mauritius) carrying on a bonafide banking business, such interest income is exempt from tax in India. Ballarpur Industries Ltd (B-lLT) also a company inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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