TMI Blog2018 (9) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... er in issue on Ground Nos. 3 and 4 above to the file of A.O. with a direction to verify the claim of assessee - Decided in favour of assessee for statistical purposes. - ITA. No. 5341/Del/2011 - - - Dated:- 4-9-2018 - Shri Bhavnesh Saini, Judicial Member And Shri Prashant Maharishi, Accountant Member Assessee by : Ms. Ananya Kapoor for Shri Salil Kapoor, Advocate Revenue by : Shri A.K. Yadav, Sr. D.R. ORDER Per Bhavnesh Saini, JM This appeal by Assessee has been directed against the Order of the Assistant Director of Income Tax (International Taxation), Dehradun, Dated 12.10.2011 under section 143(3)/144C(13) of the Income Tax Act, 1961, for the A.Y. 2008-2009 passed in pursuance of directions issued by Disputes Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n initiating penalty proceedings under section 271B of the Act disregarding the fact that in the absence of taxable income in India under the provisions of the India Mauritius Tax Treaty, GCMSL was under a bonafide belief that books of accounts are not required to be maintain in India and consequently, GCMSL is not required to get audit of accounts undertaken as prescribed under section 44AB of the Act. 2. Briefly the facts of the case are that assessee filed ereturn of income declaring NIL income. The case was selected for scrutiny. The A.O. passed the draft assessment order dated 31.12.2010 on total income of ₹ 10,82,34,592/- to be taxed @ 15% as per Article 12 of Indo-Mauritius DTAA plus chargeable interest as per Law. The as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an undue hardship to the assessee both financially and administratively on account of ongoing cost of litigation. Learned Counsel for the Assessee, therefore, submitted that assessee in order to buy peace of mind would not like to press Ground Nos. 1, 2 and 5 of the appeal. In view of the above submissions of the Learned Counsel for the Assessee, ground Nos. 1, 2, 5 of the appeal of assessee are dismissed as not pressed. Letter of Assessee s Counsel dated 14.08.2018 is placed on record. 5. On ground Nos.3 and 4 with regard to calculation of the tax payable by the assessee, Learned Counsel for the Assessee prayed that the same may be restored to the file of A.O. for verification. The demand notice under section 156 attached with the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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