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TMI Blog2017 (3) TMI 1614X X X X Extracts X X X X X X X X Extracts X X X X ..... es only the following following questions of law for our consideration :- (1) Whether on the facts and circumstances of the case and in law, the Tribunal has erred in holding that the provisions of Section 40(a)(ia) of the Act was not applicable in this case even though the assessee has failed to withhold tax u/s 195 of the Act on the interest payment made to HQ/Overseas branches ? (2) Whether on the facts and circumstances of the case and in law, the Tribunal has erred in working out the disallowance without any basis without appreciating the fact that working of disallowance ought to have been carried out in accordance with Rule 8D of Income Tax Rules, 1962 ? (3) Whether on the facts and circumstances of the case and in law, the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erein also does not give rise to any substantial question of law. Thus not entertained. 4. Re: Question No. 2 : (a) It is an agreed position between the parties that for the subject assessment year the occasion to invoke Rule 8D of the Income Tax Rules, 1962 (Rules) would not rise. This is so in view of the decision of this Court in Godrej and Boyce Manufacturing Co. Ltd V. DCIT [328 ITR 81] holding that Rule 8D of the Rules will apply only for Assessment year 2008-09 onwards and not prior thereto. (b) In the above view question no.2 as proposed does not give rise to any substantial question of law. Thus not entertained. 5. Re: Question No. 3 : (a) Mr. Tejveer Singh, learned Counsel for the Revenue very fairly states that this issue st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e dismissed appeal restored. (c) It therefore appears that the revenue has accepted the Order of the Tribunal dated 31st September, 2013 in the case of M/s. Credit Lyonnais (supra). This acceptance of the view of the Tribunal in the Order dated 31st September, 2013 in case of M/s. Credit Lyonais (supra) is further evident from the fact that by order of the Tribunal dated 31st September, 2013 in the case of M/s. Credit Lyonnais (successor Calyon Bank) for assessment year 2003-04, it filed an appeal being ITXA /1843/2014 (DIT vs. M/s. Credit Lyonnais) which is listed on board today at Sr. No. 913. On perusal of the ITXA/1843/2014 we find that no question has been raised by the Revenue with regard to the aforesaid issue. (d) In view o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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