CIT v. Kotak Securities Ltd.

340 ITR 333High Court2012#610 most cited

What is CIT v. Kotak Securities Ltd. authority for?

A deductor's bonafide belief or reliance on a Tax Residency Certificate (TRC) can influence whether they are deemed an 'assessee in default' under Section 195 for failing to deduct tax at source on payments to non-residents. The decision clarifies the due diligence required when interpreting tax treaties and TRCs for TDS compliance.

161

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Kotak Securities Ltd. · Section 195 · Section 201(1) · Section 201(1A) · Section 40(a)(i) · bonafide belief · Tax Residency Certificate · TRC · withholding tax · TDS on non-residents · tax treaty interpretation · assessee in default

Also reported as

15 Taxmann.com 77245 CTR 3

Sections most often in play

Section 195Section 201(1)Section 201(1A)Section 40(a)(i)Section 194JSection 40(a)(ia)

Issues it is cited on

place of effective managementtax residency certificatesection 195(2)section 194htrcsection 194jwithholding taxbeneficial ownersection 40(a)(i)tax treatypermanent establishmentsection 195

Judgments citing CIT v. Kotak Securities Ltd.

HCL TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed as indicated above

ITA 5465/DEL/2011[2007-08]Status: DisposedITAT Delhi15 Apr 2026AY 2007-08

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

Section 10ASection 143Section 144Section 144C(13)

…se of CIT vs Karur Vyasa Bank Ltd (229 Taxman 396). To the same effect are the following decisions: - CIT vs Varinder Agro Chemicals Ltd.: 309 ITR 272 (P&H) 78 ITA Nos.- 5624/del/2010 & 5465/Del/2011 HCL Technologies Ltd. CIT vs Kotak Securi"es Ltd. (No. 1): 346 ITR 349 (Bom.) - - CIT vs Raychem RPG Ltd.: 346 ITR 138 (Bom.) ITO vs Spice Communica"ons Ltd.: 35 SOT 78 (Del. ITAT) - - Gujarat Guardian Ltd vs DCIT : [2014] 35 ITR(T) 217 (Delhi-Trib) - DCIT vs Eicher Motors Ltd : [2015] 53 taxmann.com 317 (Delhi-Trib) Since the right to use the underlying so"ware is acquired by the assessee company for the purpose o…

HCL TECHNOLOGIES LTD,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed as indicated above

ITA 5624/DEL/2010[2006-07]Status: DisposedITAT Delhi15 Apr 2026AY 2006-07

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

Section 10ASection 143Section 144Section 144C(13)

…se of CIT vs Karur Vyasa Bank Ltd (229 Taxman 396). To the same effect are the following decisions: - CIT vs Varinder Agro Chemicals Ltd.: 309 ITR 272 (P&H) 78 ITA Nos.- 5624/del/2010 & 5465/Del/2011 HCL Technologies Ltd. CIT vs Kotak Securi"es Ltd. (No. 1): 346 ITR 349 (Bom.) - - CIT vs Raychem RPG Ltd.: 346 ITR 138 (Bom.) ITO vs Spice Communica"ons Ltd.: 35 SOT 78 (Del. ITAT) - - Gujarat Guardian Ltd vs DCIT : [2014] 35 ITR(T) 217 (Delhi-Trib) - DCIT vs Eicher Motors Ltd : [2015] 53 taxmann.com 317 (Delhi-Trib) Since the right to use the underlying so"ware is acquired by the assessee company for the purpose o…

BHARTI AIRTEL LTD,NEW DELHI vs. ITO, TDS, WARD-1(1), INTERNATIONAL TAXATION, NEW DEL;HI

In the result, ground of appeal no

ITA 4580/DEL/2017[2009-10]Status: DisposedITAT Delhi06 Jan 2026AY 2009-10

Bench: Shri Vikas Awasthy & Shri Manish Agarwalआअसं.4580/धिल्ली/2017(नि.व. 2009-10) Bharti Airtel Ltd., Bharti Crescent, 1 Nelson Mandela Road, Vasant Kunj, Phase Ii, New Delhi 110070 ...... अपीलार्थी/Appellant Pan: Aaacb-2894-G बिाम Vs. Income Tax Officer, Tds, Ward 1(1), International Taxation, ..... प्रनिवादी/Respondent New Delhi अपीलार्थी द्वारा/ Appellant By : Shri Anil Bhalla, Chartered Accountant प्रधििािीद्वारा/Respondent By : Shri Vikram Singh Sharma, Sr. Dr सुिवाई की निथर्थ/ Date Of Hearing : 09/10/2025 घोषणा की निथर्थ/ Date Of Pronouncement : 06/01/2026 आदेश/Order Per Vikas Awasthy, Jm:

For Appellant: Shri Anil Bhalla, Chartered AccountantFor Respondent: Shri Vikram Singh Sharma, Sr. DR
Section 201(1)

…cannot be certainly its Branch office at Stockholm, Sweden. Therefore, assessee’s plea of bonafide was not accepted. 12 6. In the instant appeal, the assessee in support of its decision has placed reliance on various decisions including Kotak Securities Ltd. 340 ITR 333 and Google India Pvt. Ltd., 93 taxmann.com 183 (Bang-Trib). The said decisions have been considered by the Coordinate Bench and has distinguished the same on facts. The ld. AR of the assessee has also placed reliance on the decision in the case of Bharti Cellular Ltd. (supra). We find that in the said case, the facts are distinguishable. The deci…

ACIT, CIRCLE-4(2), NEW DELHI vs. BHARTI AIRTEL LTD., NEW DELHI

Appeal of the assessee is allowed

ITA 6079/DEL/2019[2008-09]Status: DisposedITAT Delhi09 Jun 2025AY 2008-09
For Appellant: S/Shri Rohit Jain, Deepesh Jain, Advocates andFor Respondent: Shri Javed Akhtar, CIT(DR)
Section 40

…nded findings of the CIT(A),\nin deleting the disallowance and prayed for dismissing appeal of the Revenue. The\nId. Counsel to buttress his argument on the plea of ‘bonafide' placed reliance on\nthe decision rendered in the case CIT vs. Kotak Securities Ltd. 340 ITR 333 (Bom.)\n6.\nPer contra, Shri Javed Akhtar representing the department strongly\nsupporting the assessment order prayed for reversing findings of the CIT(A) on\nthe issue. The Id. DR submits that the TRC issued by Swedish Tax Authorities only\ncertify that ABN Amro Bank N.V, Stockholm, Sweden Branch is tax resident of\nSweden and not the Bank. The…

ACIT, CIRCLE-4(2), NEW DELHI vs. BHARTI AIRTEL LTD., NEW DELHI

Appeal of the assessee is allowed

ITA 6078/DEL/2019[2007-08]Status: DisposedITAT Delhi09 Jun 2025AY 2007-08
For Appellant: S/Shri Rohit Jain, Deepesh Jain, Advocates andFor Respondent: Shri Javed Akhtar, CIT(DR)
Section 195Section 40

…nded findings of the CIT(A),\nin deleting the disallowance and prayed for dismissing appeal of the Revenue. The\nId. Counsel to buttress his argument on the plea of ‘bonafide' placed reliance on\nthe decision rendered in the case CIT vs. Kotak Securities Ltd. 340 ITR 333 (Bom.)\n6.\nPer contra, Shri Javed Akhtar representing the department strongly\nsupporting the assessment order prayed for reversing findings of the CIT(A) on\nthe issue. The Id. DR submits that the TRC issued by Swedish Tax Authorities only\ncertify that ABN Amro Bank N.V, Stockholm, SwedenBranch is tax resident of\nSweden and not the Bank. The…

BHARTI AIRTEL LIMITED,NEW DELHI vs. ACIT CIRCLE 4(2), NEW DELHI

The appeal of the Revenue is partly allowed and appeal of the assessee is allowed

ITA 5963/DEL/2019[2008-09]Status: DisposedITAT Delhi09 Jun 2025AY 2008-09

Bench: Shri Vikas Awasthy& Shri Amitabh Shuklaआअसं.5692 और5693/िद"ी /2019(िन.व. 2007-08 और2008-09)

For Appellant: S/Shri Rohit Jain, Deepesh Jain, Advocates and Shri Shivam Gupta, Chartered AccoFor Respondent: Shri Javed Akhtar, CIT(DR)
Section 195Section 40

…efended findings of the CIT(A), in deleting the disallowance and prayed for dismissing appeal of the Revenue. The ld. Counsel to buttress his argument on the plea of ‘bonafide’ placed reliance on the decision rendered in the case CIT vs. Kotak Securities Ltd. 340 ITR 333 (Bom.) 6. Per contra, Shri Javed Akhtar representing the department strongly supporting the assessment order prayed for reversing findings of the CIT(A) on the issue. The ld. DR submits that the TRC issued by Swedish Tax Authorities only certify that ABN Amro Bank N.V, Stockholm, SwedenBranch is tax resident of Sweden and not the Bank. The worldw…

BHARTI AIRTEL LTD,NEW DELHI vs. ACIT CIRCLE 4(2), NEW DELHI

Appeal of the assessee is allowed

ITA 5962/DEL/2019[2007-08]Status: DisposedITAT Delhi09 Jun 2025AY 2007-08
For Appellant: S/Shri Rohit Jain, Deepesh Jain, Advocates andFor Respondent: Shri Javed Akhtar, CIT(DR)
Section 195Section 40

…defended findings of the CIT(A),\nin deleting the disallowance and prayed for dismissing appeal of the Revenue. The\nId. Counsel to buttress his argument on the plea of ‘bonafide' placed reliance on\nthe decision rendered in case CIT vs. Kotak Securities Ltd. 340 ITR 333 (Bom.).\n6.\nPer contra, Shri Javed Akhtar, the Id. DR, representing the Department strongly\nsupporting the assessment order prayed for reversing findings of the CIT(A) on\nthe issue. The Id. DR submits that the TRC issued by Swedish Tax Authorities only\ncertify that ABN Amro Bank N.V, Stockholm, SwedenBranch is tax resident of\nSweden and not…

BHARTI AIRTEL LTD vs. JOINT COMMISSIONER OF INCOME TAX

ITA/97/2020HC Delhi09 May 2024

Bench: HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV,HON'BLE MR. JUSTICE YASHWANT VARMA

Section 194HSection 40

…iable to TDS u/s 194H of the Act. 15. In this regard, the Coordinate Bench of the ITAT New Delhi in the case of the assessee held as under:- “The first contention of the assessee that Hon'ble Bombay High Court in the case of CIT vs. Kotak Securities Ltd 340 ITR 333 has held that disallowance u/s 40(a)(ia) of the Act was not at all warranted as the assessee was under bona fide belief that tax was not deductible at source was allowed by modifying paragraph 15 of the order dated 24.10 2016 as under:- "15. It is also been submitted by the Ld. AR that in all past years no such disallowances have been mad…

HSBC SECURITIES AND CAPITAL MARKETS (I) P.LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 702/MUM/2014[2009-10]Status: DisposedITAT Mumbai10 Mar 2023AY 2009-10

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

For Appellant: Ms. Samruddhi Dhananjay Hande, Sr. DRFor Respondent: Sh. Porus Kaka / Tejas Mhatre
Section 143(3)Section 92CSection 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No. 702/Mum/2014 (A.Y. 2009-10) M/s. HSBC Securities and Capital Markets (India) Pvt. Ltd. 52/60, Mahatma Gandhi Road, Fort, Mumbai- 400001. PAN: AAACJ1395E ..... Appellant Vs. DCIT-4(1), Room No. 640, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ...... Respondent DCIT-4(1), Room No. 640, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ...... Appellant Vs. M/s. HSBC Securities and Capital Markets (India) Pvt. Ltd. 52/60, mahatma Gandhi Road, Fort, Mum…

HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P. LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 4459/MUM/2014[2006-07]Status: DisposedITAT Mumbai10 Mar 2023AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

For Appellant: Ms. Samruddhi Dhananjay Hande, Sr. DRFor Respondent: Sh. Porus Kaka / Tejas Mhatre
Section 143(3)Section 92CSection 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No. 702/Mum/2014 (A.Y. 2009-10) M/s. HSBC Securities and Capital Markets (India) Pvt. Ltd. 52/60, Mahatma Gandhi Road, Fort, Mumbai- 400001. PAN: AAACJ1395E ..... Appellant Vs. DCIT-4(1), Room No. 640, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ...... Respondent DCIT-4(1), Room No. 640, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ...... Appellant Vs. M/s. HSBC Securities and Capital Markets (India) Pvt. Ltd. 52/60, mahatma Gandhi Road, Fort, Mum…

DCIT 4(1), MUMBAI vs. HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P.LTD, MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 1661/MUM/2014[2009-10]Status: DisposedITAT Mumbai10 Mar 2023AY 2009-10

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

For Appellant: Ms. Samruddhi Dhananjay Hande, Sr. DRFor Respondent: Sh. Porus Kaka / Tejas Mhatre
Section 143(3)Section 92CSection 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No. 702/Mum/2014 (A.Y. 2009-10) M/s. HSBC Securities and Capital Markets (India) Pvt. Ltd. 52/60, Mahatma Gandhi Road, Fort, Mumbai- 400001. PAN: AAACJ1395E ..... Appellant Vs. DCIT-4(1), Room No. 640, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ...... Respondent DCIT-4(1), Room No. 640, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ...... Appellant Vs. M/s. HSBC Securities and Capital Markets (India) Pvt. Ltd. 52/60, mahatma Gandhi Road, Fort, Mum…

BMC SOFTWARE INDIA PRIVATE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE-1(1), PUNE

The appeal is dismissed as not pressed

ITA 270/PUN/2021[2016-17]Status: DisposedITAT Pune09 Sept 2022AY 2016-17

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

For Appellant: Shri Madhur Agarwal (through virtual)For Respondent: Shri Kalika Singh (through virtual)
Section 143(3)Section 144BSection 144C(13)Section 253(1)(d)

…eduction of tax at source by the assessee while making payment to Vi9desh Sanchar Nigam Ltd. Towards leased line charges. On merits, the Revenue had placed reliance on a decision of this Court in case of CIT Vs. Kotak Securities Ltd. [2012] 20 taxmann.com 846/340 ITR 333 (Bom. The Tribunal however, held that the amount in question was below Rs. 10 lakhs which was a minimum monetary limit enabling the Revenue to prefer appeal against the Commissioner’s Appellate orders before the Tribunal. Revenue argues before us that the Tribunal should have seen the monetary limit of the combined appeals of the assessee as well…

BMC SOFTWARE INDIA PRIVATE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE-1(1), PUNE

In the result, both these appeals are partly allowed in above terms

ITA 2038/PUN/2019[2015-16]Status: DisposedITAT Pune07 Jun 2022AY 2015-16
For Appellant: Shri Madhur Agarwal (through virtual)For Respondent: Shri Subhakanta Sahu CIT (through virtual)
Section 144C(5)Section 40

…eduction of tax at source by the assessee while making payment to Vi9desh Sanchar Nigam Ltd. Towards leased line charges. On merits, the Revenue had placed reliance on a decision of this Court in case of CIT Vs. Kotak Securities Ltd. [2012] 20 taxmann.com 846/340 ITR 333 (Bom. The Tribunal however, held that the amount in question was below Rs. 10 lakhs which was a minimum monetary limit enabling the Revenue to prefer appeal against the Commissioner’s Appellate orders before the Tribunal. Revenue argues before us that the Tribunal should have seen the monetary limit of the combined appeals of the assessee as well…

BMC SOFTWARE INDIA PVT.LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 1(1),, PUNE

In the result, both these appeals are partly allowed in above terms

ITA 1938/PUN/2018[2014-15]Status: DisposedITAT Pune07 Jun 2022AY 2014-15
For Appellant: Shri Madhur Agarwal (through virtual)For Respondent: Shri Subhakanta Sahu CIT (through virtual)
Section 144C(5)Section 40

…eduction of tax at source by the assessee while making payment to Vi9desh Sanchar Nigam Ltd. Towards leased line charges. On merits, the Revenue had placed reliance on a decision of this Court in case of CIT Vs. Kotak Securities Ltd. [2012] 20 taxmann.com 846/340 ITR 333 (Bom. The Tribunal however, held that the amount in question was below Rs. 10 lakhs which was a minimum monetary limit enabling the Revenue to prefer appeal against the Commissioner’s Appellate orders before the Tribunal. Revenue argues before us that the Tribunal should have seen the monetary limit of the combined appeals of the assessee as well…

BMC SOFTWARE INDIA PVT. LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,, PUNE

In the result, both these appeals are partly allowed in above terms

ITA 476/PUN/2017[2012-13]Status: DisposedITAT Pune07 Jun 2022AY 2012-13
For Appellant: Shri Madhur Agarwal (through virtual)For Respondent: Shri Subhakanta Sahu CIT (through virtual)
Section 144C(5)Section 40

…eduction of tax at source by the assessee while making payment to Vi9desh Sanchar Nigam Ltd. Towards leased line charges. On merits, the Revenue had placed reliance on a decision of this Court in case of CIT Vs. Kotak Securities Ltd. [2012] 20 taxmann.com 846/340 ITR 333 (Bom. The Tribunal however, held that the amount in question was below Rs. 10 lakhs which was a minimum monetary limit enabling the Revenue to prefer appeal against the Commissioner’s Appellate orders before the Tribunal. Revenue argues before us that the Tribunal should have seen the monetary limit of the combined appeals of the assessee as well…

BMC SOFTWARE INDIA PRIVATE LIMITED,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 1(1),, PUNE

In the result, both these appeals are partly allowed in above terms

ITA 2442/PUN/2017[2013-14]Status: DisposedITAT Pune07 Jun 2022AY 2013-14
For Appellant: Shri Madhur Agarwal (through virtual)For Respondent: Shri Subhakanta Sahu CIT (through virtual)
Section 144C(5)Section 40

…eduction of tax at source by the assessee while making payment to Vi9desh Sanchar Nigam Ltd. Towards leased line charges. On merits, the Revenue had placed reliance on a decision of this Court in case of CIT Vs. Kotak Securities Ltd. [2012] 20 taxmann.com 846/340 ITR 333 (Bom. The Tribunal however, held that the amount in question was below Rs. 10 lakhs which was a minimum monetary limit enabling the Revenue to prefer appeal against the Commissioner’s Appellate orders before the Tribunal. Revenue argues before us that the Tribunal should have seen the monetary limit of the combined appeals of the assessee as well…

GRASIM INDUSTRIES LTD. vs. ADDL. CIT RANGE 6(3),

In the result, appeal filed by the assesse and revenue are partly allowed

ITA 4753/MUM/2004[2002-03]Status: DisposedITAT Mumbai14 Dec 2021AY 2002-03

Bench: Shri Saktijit Dey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blegrasim Industries Limited V. Addl. Cit, Range 6(3) Corporate Finance Division 5Th Floor, Room No. 505 Aditya Birla Centre “A” Wing Aayakar Bhavan 2Nd Floor, S.K. Ahire Marg, Worli Mumbai Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Dy. Cit, Range 6(3), V. Grasim Industries Limited, 5Th Floor, Room No. 505, Corporate Finance Division, Aayakar Bhavan, Aditya Birla Centre, “A” Wing, Mumbai-20. 2Nd Floor, S.K. Ahire Marg Worli, Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Assessee By : Shri J.D. Mistry Revenue By : Shri Sandeep Raj & Shri Vijay Kumar Menon

For Appellant: Shri J.D. MistryFor Respondent: Shri Sandeep Raj &
Section 143(3)Section 36(1)(vii)Section 43BSection 80Section 80H

…61 ITA No. 4753 & 5584/MUM/2004 (A.Y. 2002-03) Grasim Industries Limited, 97. Before us, the AR of the assessee brought to our notice various decisions which are in favour of the assesse viz., Raychem RPG Ltd. [346 ITR 138 (Bom. HC)], Kotak Securities Ltd., [346 ITR 349 (Bom. HC)], Asahi India Safety Glass Ltd. [TS-640-HC-2011 (Delhi HC)], Amway India Enterprises [346 ITR 341 (Delhi HC)], DCIT v. Lubi Electricals O. Ltd. (ITA No. 1163/Ahd/92), Amway India Enterprises [111 ITD 112 (Delhi SB)], Empire jute Co. Ltd [124 ITR 1 (SC)], Media Video Ltd [122 Taxman 28 (Delhi ITAT)] and Forbes Campbell & Co. Ltd in ITA N…

HERO MOTO CORP LTD.,NEW DELHI vs. NEAC, DELHI

ITA 706/DEL/2021[2016-17]Status: DisposedITAT Delhi26 Nov 2021AY 2016-17

Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Surendra Pal
Section 143(3)Section 144BSection 144CSection 144C(13)Section 145Section 1lSection 80ISection 92C

…39 (Raj. HC) 34. Without prejudice, it is submitted that the appellant was under the bonafide belief that no tax was required to be deducted there from. Reliance in this regard is also placed on the decision of Bombay High Court CIT v. Kotak Securities Ltd.: 245 CTR 3, wherein it was held that an expenditure cannot be disallowed under section 40(a)(ia) of the Act, where the failure on the part of assessee in not deducting tax at source was on the basis of bonafide belief. Further, it is submitted, that non-deduction of tax at source on a bona fide difference of opinion, would result in disallowance of expenditur…

M/S. BHARTI CELLULAR LTD.,NEW DELHI vs. DCIT, NEW DELHI

The appeal of the assessee stands allowed

ITA 735/DEL/2013[2004-05]Status: DisposedITAT Delhi12 Apr 2021AY 2004-05
Section 143(3)Section 147Section 148Section 194HSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’: NEW DELHI (Through Video Conferencing) BEFORE, SHRI G.S. PANNU, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER I.T.A No.735/Del/2013 (ASSESSMENT YEAR 2004-05) M/s Bharti Cellular Ltd. Dy.CIT (Now Bharti Airtel Limited) Circle-2(1), Bharti Crescent 1, Vs. New Delhi. Nelson Mandela Road, Vasant Kunj, Phase-II, New Delhi- 110 070 PAN-AAACB 2894G (Appellant) (Respondent) Appellant By Sh. Anil Bhalla, CA Respondent by Sh. Satpal Gulati, CIT- DR Date of Hearing 12.01.2021 Date of Pronouncement 12.04.2021 ORDER PER SUDHANSHU SRIVASTAVA, J…

M/S KUNDALI JEWEL (INDIA) PRIVATE LIMITED,MUMBAI vs. ITO - 12(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby partly allowed and the appeal filed by the revenue is hereby dismissed

ITA 3511/MUM/2019[2012-13]Status: DisposedITAT Mumbai23 Feb 2021AY 2012-13

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 3511/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Kundali Jewels (India) बिधम/ The Income Tax Officer 12 Pvt. Ltd. (3)(1) Vs. Room No.147 A, 1St Floor, 1/1705, Challenger Tower, Thakur Village, Kandivali Aayakar Bhavan, M. K. (E), Mumbai. Marg, Mumbai-400020. आयकर अपील सं/ I.T.A. No. 4337/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) The Income Tax Officer 12 बिधम/ M/S. Kundali Jewels (India) (3)(1) Pvt. Ltd. Vs. Room No.147 A, 1St Floor, 1/1705, Challenger Tower, Aayakar Bhavan, M. K. Thakur Village, Kandivali Marg, Mumbai-400020. (E), Mumbai. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Pnek10340B (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Rashmikant C. Modi Ms. Ketki Rajeshirke Revenue By: Shri Gurbinder Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 04/02/2021 घोषणा की तारीख /Date Of Pronouncement: 23/02/2021 आदेश / O R D E R Per Amarjit Singh (Jm) The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 29.03.2019 Passed By The Commissioner Of Income Tax (Appeals) -21, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.3511/Mum/2019 4337/Mum/2019 A.Y. 2012-13 2. The Assessee Has Filed The Present Appeal Against The Order Dated 29.03.2019 Passed By The Commissioner Of Income Tax (Appeals) -21, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 3. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Rashmikant C. ModiFor Respondent: Shri Gurbinder Singh (DR)
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 32Section 40

…Sec.40(a)(ia) r.w.s 201(1) of the I.T Act, then the disallowance to the said extent made under Sec. 40(a)(ia) in its hands shall stand vacated. 13. Insofar the reliance placed by the ld. A.R on the judgment in the case of CIT Vs. Kotak Securities Ltd. (2012) 340 ITR 333 (Bom) is concerned, we find that the same is found to be distinguishable on facts. In the aforesaid case, as both the revenue and the assessee were under a bonafide belief as regards the liability to deduct TDS on transaction charges paid to the Bombay Stock Exchange right from the year 1995 i.e. coming into effect of Section 194J, till the asses…

Showing 1–20 of 161 · Page 1 of 9

...