Cochin Refineries Ltd. v. CIT

DCIT, MUMBAI vs. JEFFERIES LLC , MUMBAI

…2 ITA Nos 1023 to 1026 /Mum/2024 Jafferies LLC Date of hearing : 27/06/2024 Date of pronouncement : 28/06/2024 ORDER PER BENCH: Instant appeals of the revenue and Cross Objections by the assessee are preferred against the common order of theLearned Commissioner of Income-tax (Appeal)-57, Mumbai [for brevity, ‘Ld.CIT(A)'] passed under section 250 of the Income-tax Act, 1961 (in short, 'the Act'), for Asst Years2014-15 to 2018-19, date of order 29/12/2023. The impugned orders were emanated from the order of the Id. Assistant Commissioner of Income-tax, (International Taxation) Ward 3(1)(1), Mumbai(in short, 'the A.…

DCIT IT 3.1.1, MUMBAI, MUMBAI vs. JEFFERIES LLC , MUMBAI

…2 ITA Nos 1023 to 1026 /Mum/2024 Jafferies LLC Date of hearing : 27/06/2024 Date of pronouncement : 28/06/2024 ORDER PER BENCH: Instant appeals of the revenue and Cross Objections by the assessee are preferred against the common order of theLearned Commissioner of Income-tax (Appeal)-57, Mumbai [for brevity, ‘Ld.CIT(A)'] passed under section 250 of the Income-tax Act, 1961 (in short, 'the Act'), for Asst Years2014-15 to 2018-19, date of order 29/12/2023. The impugned orders were emanated from the order of the Id. Assistant Commissioner of Income-tax, (International Taxation) Ward 3(1)(1), Mumbai(in short, 'the A.…

JEFFERIES LLC,MUMBAI vs. DCIT(IT)3(1)(1), MUMBAI

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

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blejefferies Llc V. Dcit (It)-3(1)(1) C/O. Srbc & Associates Llp Room No. 1605, 16Th Floor 14Th Floor, The Ruby Air India Building, Nariman Point Mumbai – 400 021 29 Senapati Bapat Marg Dadar (W), Mumbai – 400028 Pan: Aaccj8881D (Appellant) (Respondent) Jefferies International Limited V. Dcit (It)-3(1)(1) C/O. Srbc & Associates Llp Room No. 1605, 16Th Floor 14Th Floor, The Ruby Air India Building, Nariman Point Mumbai – 400 021 29 Senapati Bapat Marg Dadar (W), Mumbai – 400028 Pan: Aabcj7041C (Appellant) (Respondent)

…sessing Officer in Para No. 9.4.1 of the assessment order. He relied on the decision of Hon’ble AP High Court in the case of Clouth Gummiwerke Aktiengesellscheaff (238 ITR 861) and decision of Hon’ble Kerala High Court in the case of Cochin Refineries v. CIT (222 ITR 354). 6. Considered the rival submissions and material placed on record. We observe from the record that the principal activity of the assessee is to provide merchant banking and investment advisory services to investors, corporates and associated entities and stock broking services to domestic and foreign institutional investors. The Jefferies Grou…

JOINT DIT(IT)-2, MUMBAI vs. SAIPEM S.A., MUMBAI

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

Bench: S/Shri B.R. Baskaran (Am) & C.N.Prasad (Jm)

…re was no difference between the fees for engineering services and the fees relatable to living allowances or traveling charges of the employees who would rendered the services. 3 M/s. Saipem S.A. 4.7 It has been held in the case of Cochin Refineries Ltd. ( 222 ITR 354) by the Kerala High Court that the services rendered by the foreign company which were in the nature of technical services and the nature of reimbursement of payments made to the personnel, no different situation would be available because these payments would be part and parcel in the process of advise of a technical character and would fall for…