CIT v. ONGC

299 ITR 438High Court2008#3755 most cited

What is CIT v. ONGC authority for?

Receipts in the nature of Fees for Technical Services (FTS) are taxable as FTS under section 44DA of the Income Tax Act, especially when the assessee has a Permanent Establishment (PE) in India. The income is determined on a gross basis at a specified rate, such as 25%.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2023.

Also referred to as

CIT v ONGC · 299 ITR 438 · section 44DA · Fees for Technical Services · FTS · Permanent Establishment · PE · taxable as FTS · gross basis taxation

Judgments citing CIT v. ONGC

Cameron (Singapore) Pte Ltd, Coimbatore vs. DCIT, International Taxation, Circle-1(2)(1), New Delhi

In the result, all the appeals are partly allowed

ITA 7960/DEL/2018[2015-16]Status: DisposedITAT Delhi24 Mar 2023AY 2015-16

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2013-14 M/S. Cameron (Singapore) Vs. Deputy Commissioner Of Pte. Ltd., Income Tax, C/O- Schlumberger Asia International Taxation, Services Limited, Khasra Room No. 313, Ncr Building, No.2481/838, Village Bhagwan Das Road, Murtala Gala, Nh-15, Jaipur Ahmedabad Road, Barmer, Rajasthan -344001 Pan :Aadcc5259P (Appellant) (Respondent)

Section 44B

…TS. Further, since, the assessee had a PE in India, the Assessing Officer held that the receipts would be taxable as FTS under section 44DA of the Act. While doing so, he relied upon a decision of the Hon’ble Uttarakhand High Court in case of CIT Vs. ONGC, 299 ITR 438 and ultimately applying the provisions of section 44DA of the Act, he determined the profit at the rate of 25% on gross basis. Accordingly, he proposed the draft assessment order. Against the draft assessment order, the assessee raised objections before learned DRP. However, the decision of the Assessing Officer was upheld. 3.3 Before us, le…

ACIT, Chennai vs. M/S Teledata Informatics Ltd., Chennai

In the result, the appeal filed by the Revenue is partly allowed for statistical purposes

ITA 2427/CHNY/2007[2003-04]Status: DisposedITAT Chennai26 Feb 2020AY 2003-04

Bench: Shri Inturi Rama Rao & Shri Duvvuru R.L.Reddy

For Appellant: Mr.R.Vijayaraghavan, AdvFor Respondent: Mrs.Vijaya Prabha, JCIT
Section 10BSection 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल. रे"डी, "या"यक सद"य के सम" BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU R.L.REDDY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2427/Chny/2007 "नधा रण वष /Assessment Year: 2003-04 Vs. The Asst. Commissioner- M/s.Teledata Informatics- of Income Tax, Ltd., Company Circle-III(2), 2AB Gee Gee Emerald, Chennai-600 034. 151, Village Road, Nungambakkam, Chennai-600 034. [PAN: AAACT 2976 K] (अपीलाथ#/Appellant) ($%यथ#/Respondent) Department by : Mrs.Vijaya Prab…

DDIT, Dehradun vs. M/S. Ongc As Representative Assessee of M/S. Cameron Singapore Pte Ltd., Singapore, Dehradun

In the result, the appeal filed by the revenue is dismissed

ITA 6169/DEL/2014[2010-11]Status: DisposedITAT Delhi11 Feb 2019AY 2010-11

Bench: Smt. Diva Singh & Sh. R.K Pandaassessment Year: 2010-11 Ddit Ongc As Representative International Taxation Vs Assessee Of M/S. Cameron Aayakar Bhawan, 13A- Singapore Pte. Ltd. Co., Tel Subhash Road, Dehradun – Bhawan, Dehradun 248001 (Appellant) (Respondent)

Section 143Section 44BSection 9Section 9(1)(vii)

…d in his interpretation of the legislative intent behind the scheme of taxation envisaged in sections 9(l)(vii) & 9(l)(vi) read with sections 44DA and 44BB of the Act, ignoring the decision in the case of 3 CIT M/s ONGC As Agent of M/s Foramer France [(2008) 299 ITR 438 Uttarakhand] 4. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in relying upon the decision of the ITAT in the case of M/s CGG VERITAS Services, SA in ITA No.4653/Del/2010 (on the issue that once a PE is established to be in place then the income has to be treated as business profits and assessable u/s 44BB) 5.…

Deputy Commissioner of Income-Tax, New Delhi vs. Pgs Geophysical As, Gurgaon

In the result, appeal of the Revenue is partly allowed for statistical purposes

ITA 1401/DEL/2015[2010-11]Status: DisposedITAT Delhi15 Jan 2019AY 2010-11

Bench: Shri K.N. Chary & Shri Anadee Nath Misshra

For Appellant: Shri Amit Bablani, CA and Shri Sahil Gupta, CAFor Respondent: Shri G.K. Dhall, CIT(DR)
Section 115ASection 143(3)Section 144C(13)Section 44BSection 44DSection 9

…lative intent behind the scheme of taxation envisaged in 9(l)(vi)/9(l)(vii) read with sections 115A/44DA and 44BB , ignoring the decisions in the cases of M/s Rolls Royce Pvt Ltd [2007-TII-03-HC-UKHAND-INTL] and M/s ONGC As Agent of M/s Foramer France [(2008) 299 ITR 438 Uttarakhand. 2.1 Whether on the facts and circumstances of the case, Hon’ble DRP has erred in not appreciating the fact that proviso to section 44DA brought about by the Finance Act 2011 was only clarificatory in nature and its application has to be read into the main provisions with effect from the time the main provision came into effect in vie…

DCIT, New Delhi vs. M/S. Technip Uk Ltd., Mumbai

In the result, the cross objection is allowed

ITA 1116/DEL/2014[2010-11]Status: DisposedITAT Delhi17 Dec 2018AY 2010-11

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2010-11]

For Appellant: Shri Ajay Vohra, AdvFor Respondent: Shri G. K. Dhall, CIT-DR
Section 44BSection 44DSection 9

…n of the legislative intent behind the scheme of taxation envisaged in 9(l)(vii) read with sections 44DA and 44BB , ignoring the decisions in the cases of M/s Rolls Royce Pvt Ltd [2007-TII-03-HC-UKHAND-INTL] and M/s ONGC As Agent of M/s Foramer France [(2008) 299 ITR 438 Uttarakhand]. 8. Whether on the facts and circumstances of the case, the Hon'ble DRP has erred in ignoring the distinct scheme of taxation of FTS/ royalty and disregarding the insertion of provisos in section 44BB/44DA/ 115A and the rationale behind the introduction of said clarificatory provisos in the Finance Bill 2010 in holding that the inco…

DDIT, Dehradun vs. Louis Dreyfus Armateures Sas, Noida

In the result, the appeal of the Revenue is dismissed

ITA 1424/DEL/2014[2006-07]Status: DisposedITAT Delhi21 Jun 2018AY 2006-07

Bench: Shri G.D. Agrawal & Shri Amit Shukla

For Appellant: Shri G.K. Dhall, CIT-DRFor Respondent: Shri Abhinav Jhamba & Ms. Hemlata
Section 44BSection 44DSection 9Section 9(1)(vi)

…n of the legislative intent behind the scheme of taxation envisaged in 9(l)(vi) read with sections 44DA and 44BB , ignoring the decisions in the cases of M/s Rolls Royce Pvt. Ltd [2007-T1I-03-HC-UKHAND-INTL] and M/s ONGC As Agent of M/s Foramer France [(2008) 299 ITR 438 Uttarakhand] 7. Whether on the facts and circumstances of the case, the Hon’ble DRP has erred in ignoring the distinct scheme of taxation of Royalty& Fee for Technical Services and disregarding the insertion of provisos in section 44BB/44DA/ 115A and the rationale behind the introduction of said clarificatory provisos in the Finance Bill 2010 in…

Technip Uk Ltd., Gurgaon vs. DIT, New Delhi

In the result, the appeal filed by the assessee is allowed

ITA 4284/DEL/2013[2008-09]Status: DisposedITAT Delhi24 Apr 2017AY 2008-09

Bench: Shri R.K. Panda & Smt. Beena A. Pillai[Assessment Year: 2008-09] Technip Uk Limited Vs. The D.I.T. C/O Bmr & Associates Llp International - Ii 22Nd Floor, Building No. 5 New Delhi Tower ‘A’, Dlf Cyber City, Dlf Phase Iii, Gurgaon Haryana Pan : Aacct 8268 N (Appellant) (Respondent)

For Appellant: Shri Ajay Vohra, AdvFor Respondent: Shri Anuj Arora, Sr- DR
Section 263Section 4Section 44BSection 44D

…e submitted that this should suffice in defeating the challenge to the order u/s 263. 41. He submitted that the ld DIT at page 14 - 15 of her order has relied on the decision of the Hon'ble Uttarakhand High Court in the case of ONGC Foramer France reported in 299 ITR 438 wherein the relevant activities were held as FTS as against being covered u/s 44BB as well as the clarificatory amendment brought in S.44BB. Similar to this case law, the Ld. DIT has also carried out analysis of the contract at page 6-7 of the 263 order. He submitted that the ld DIT has relied on the judgement of Uttrakhand HC in the case of Roll…

DCIT, Dehradun vs. M/S. Baker Hughes Asia Pacific Ltd., Dehradun

In the result, the appeals of the department as well as Cross

ITA 6584/DEL/2014[2011-12]Status: DisposedITAT Delhi21 Mar 2017AY 2011-12

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 6584/Del/2014 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs M/S Baker Hughes Asia Pacific Ltd., C/O-Nangia & Co., Cas, 3Rd Floor, Income Tax (International Taxation), Circle-1, Ncr Plaza, New Cantt. Road, Dehradun-248001 Dehradun-248001 (Appellant) (Respondent) Pan No. Aaccb3714F Co No. 216/Del/2015 : Asstt. Year : 2011-12 M/S Baker Hughes Asia Pacific Ltd., Vs Deputy Commissioner Of C/O-Nangia & Co., Cas, 3Rd Floor, Income Tax (International Ncr Plaza, New Cantt. Road, Taxation), Circle-1, Dehradun-248001 Dehradun-248001 (Appellant) (Respondent) Pan No. Aaccb3714F

For Appellant: Sh. Anuj Arora, CIT DRFor Respondent: Sh. Amit Arora & Sh. Vishal Misra, CAs
Section 44BSection 44DSection 9Section 9(1)(vii)

…to be dealt with u/s 44BB of the Act for the entire quantum of income because of the nature of business operations which are seen to have a close nexus with oil extraction. It may also be mentioned that the Id. AO has relied upon the case of ONGC reported in 299 ITR 438 (UK) to arrive at a finding that provision of personnel is FTS. However, this case has been distinguished in para 10 of the CGG Veritas case wherein it has been made clear that the question there was whether services of personnel could be "FTS" or "salaries", with no discussion on 44BB of the Act. These grounds are accordingly allowed with the di…

DDIT, Dehradun vs. M/S. Cgg Veritas Services Sa, Dehradun

In the result, the appeal of the Revenue is dismissed

ITA 6142/DEL/2014[2010-11]Status: DisposedITAT Delhi31 Jan 2017AY 2010-11

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

For Appellant: Sh. Anil Kumar Sharma, Sr. DRFor Respondent: Sh. Amit Arora, C.A
Section 234Section 234BSection 44BSection 44DSection 9(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH ‘B’ NEW DELHI BEFORE : SHRI H.S. SIDHU, JUDICIAL MEMBER & SHRI L.P. SAHU, ACCOUNTANT MEMBER ITA No. 6142/Del./2014 Asstt. Year :2010-11 D.D.I.T., Intl. Taxation, vs. CGG Veritas Services SA, Dehradun. C/o Nangia & Co., 3rd Floor, NCR Plaza, New Cantt. Road, Dehradun. (PAN: AACCC 2605E) (Appellant) (Respondent) Appellant by : Sh. Anil Kumar Sharma, Sr. DR Respondent by : Sh. Amit Arora, C.A. Date of hearing : 30.01.2017 Date of pronouncement : 31.01.2017 ORDER Per L.P. Sahu, Accountant Member: This is an appeal filed by the Revenue against the order of…

DDIT, Dehradun vs. Cgg Marine Resources Norge, Gurgaon

In the result ground No. 13 of the appeal of the revenue is allowed with above direction

ITA 1493/DEL/2014[2009-10]Status: DisposedITAT Delhi12 Jan 2017AY 2009-10

Bench: Shri I.C.Sudhir & Shri Prashant Maharishi

For Appellant: Sh. Anuj Arora, CIT DRFor Respondent: Sh. Vishal Kalra, Adv
Section 44BSection 44DSection 9

…of the legislative intent behind the scheme of taxation envisaged in 9(l)(vi) read with sections 44DA and 44BB ignoring the decisions in the cases ofM/s Rolls Royce Pvt. Limited [2007-TII-03-HC-UKHAND-INTL] and M/s ONGC as agent of M/s Foramer France [(2008) 299 ITR 438 Uttarakhand] . 6.1 The Hon'ble DRP has erred in not applying the ratio laid down in the case of Foramer France (Supra) and in observing that the decision in the said case was distinguishable on facts, not appreciating the broad proposition laid down in the case that once the receipts answer the definition of Royalty or FTS under the Act, the same…

M.Ct.M. Global Investments P Ltd., Chennai vs. ACIT, Chennai

In the result, while the assessee’s appeals in I

ITA 1936/CHNY/2012[2009-10]Status: DisposedITAT Chennai21 Oct 2016AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

M.Ct.M.Global Investments Private Limited, Chennai vs. ACIT, Chennai

In the result, while the assessee’s appeals in I

ITA 115/CHNY/2012[2008-09]Status: DisposedITAT Chennai21 Oct 2016AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

ACIT, Chennai vs. M/S. Mctm Global Investments Pvt Ltd., Chennai

In the result, while the assessee’s appeals in I

ITA 1285/CHNY/2011[2007-08]Status: DisposedITAT Chennai21 Oct 2016AY 2007-08

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

M.Ct.M.Global Investments Private Limited, Chennai vs. ACIT, Chennai

In the result, while the assessee’s appeals in I

ITA 1102/CHNY/2011[2007-08]Status: DisposedITAT Chennai21 Oct 2016AY 2007-08

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

M/S M.Ct.M. Global Investments Private Limited, Chennai vs. ACIT, Chennai

In the result, while the assessee’s appeals in I

ITA 456/CHNY/2009[2005-06]Status: DisposedITAT Chennai21 Oct 2016AY 2005-06

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

ACIT, Chennai vs. M/S. M.Ct.M.Global Investments Pvt. Ltd., Chennai

In the result, while the assessee’s appeals in I

ITA 1654/CHNY/2009[2006-07]Status: DisposedITAT Chennai21 Oct 2016AY 2006-07

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

ACIT, Chennai vs. M/S. M.Ct. M Global Investments Pvt. Ltd., Chennai

In the result, while the assessee’s appeals in I

ITA 1465/CHNY/2009[2005-06]Status: DisposedITAT Chennai21 Oct 2016AY 2005-06

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

ACIT, Chennai vs. M/S M.Ct.M.Global Investments Pvt. Ltd., Chennai

In the result, while the assessee’s appeals in I

ITA 1438/CHNY/2009[2001-02]Status: DisposedITAT Chennai21 Oct 2016AY 2001-02

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

ACIT, Chennai vs. M/S. M Ct M Global Investments P. Ltd., Chennai

In the result, while the assessee’s appeals in I

ITA 1954/CHNY/2008[2004-05]Status: DisposedITAT Chennai21 Oct 2016AY 2004-05

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…

M/S M.Ct.M. Global Investments Private Limited, Chennai vs. ACIT, Chennai

In the result, while the assessee’s appeals in I

ITA 1873/CHNY/2008[2004-05]Status: DisposedITAT Chennai21 Oct 2016AY 2004-05

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1873/Mds/2008 आयकर अपील सं./Ita No.456/Mds/2009 आयकर अपील सं./Ita No.1102/Mds/2011 आयकर अपील सं./Ita Nos.115 & 1936/Mds/2012 "नधा"रण वष"/Assessment Years: 2004-05, 2005-06, 2007-08, 2008-09 & 2009-10 M/S M.Ct.M. Global Investments Pvt. The Assistant Commissioner Of Ltd., V. Income Tax, 761, Anna Salai, Company Circle Iv(1), Chennai - 600 002. Chennai - 600 034. Pan : Aabcm 9738 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Dr. Anita Sumanth, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

…ssessee. On appeal by the assessee, the CIT(Appeals) found that the unrealised gain on foreign transaction is only a notional gain, the same was not crystallised. The CIT(Appeals) placed his reliance on the judgment of Uttarakhand High Court in CIT v. ONGC (301 ITR 415). Accordingly, he deleted the addition made by the Assessing Officer. Referring to Rule 115, ITA Nos.456, 1438, 1465 & 1654/Mds/09 ITA Nos.1102, 1285/Mds/11 ITA Nos.115 & 1936/Mds/12 CO Nos.167 & 200/Mds/09 the Ld. D.R. submitted that the rate of exchange for the calculation of value in rupees has to be deemed to be received or arrived or acc…