First State Investments (Hongkong) Ltd. v. DDIT

EAST BRIDGE CAPITAL MASTER FUND I LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX)-2(2)(1), MUMBAI

In the result, appeal of the Assessee is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhआ.अ.सं.2976 2976/मुं/2023 (िन.व. 2020-2021) 2976 2976 East Bridge Capital Master Fund I Ltd. C/O. Ernst & Young Llp, 17Th Floor, The Ruby, 29Th Senapati Bapat Marg, Dadar West, Mumbai – 400 028 ...... अपीलाथ"/Appellant Pan:Aaece8814F बनाम Vs.

…ent Year 2007-08 decided on 23.1.2015; 2. DCIT Vs. JP Morgan Fund in ITA No. 2862/Mum/2022 for Assessment Year 2016-17, decided on 21.3.2023; and 3. First State Investments (Hongkong) Ltd. Vs. Assistant Director of Income Tax (International Taxation), Mumbai [132 TTJ 218 (Mumbai] 5.1 The ld. Counsel for the Assessee further, submitted that in ground no.5 and 6 of appeal, the Assessee has assailed computation of total income by the Assessing Officer. It is submitted that in the computation sheet attached to the assessment order, the Assessing Officer has erred in 4 East Bridge Capital Master Fund I ltd. computing…

DCIT(IT)-2(1)(2),, MUMBAI vs. M/S. DAL CHI LIFE INSURANCE COMPANY LTD.,, MUMBAI

In the result, the appeal is dismissed in the terms indicated above

…of the case in the light of applicable legal position. [6] We find that the issue in appeal is squarely covered, in favour of the assessee, by a series of decisions of coordinate benches in the cases of First State Investments (Hongkong) Ltd. Vs DDIT [2010] 132 TTJ 218 (Mum), ACIT Vs. M/s. Mac Charles India Ltd. ITA Nos. 586 & M/s DAI CHI Life Insurance Company Ltd. Page 5 of 5 481/Ban/2012, JCIT Vs. Montgomery Emerging Markets Fund [2006] 100 ITD 271 (Mum) (SB), DDIT vs. M/s. DWS India Equity Fund ITA No. 5055/Mum/2010, DDIT Vs. M/s. Central State South East & South West Areas Pension Fund ITA No 3986/Mum/201…

EMERGING MARKETS GROWTH FUND, INC,MUMBAI vs. ASST. CIT (IT)-2(2)(1), MUMBAI

In the result, appeal filed by the assessee for assessment year 2015-

…avour of the assessee by the order of the “F” Bench of the ITAT, Mumbai rendered in the case of First State Investments (Hong Kong) Ltd. vs. Assistant Director of Income Tax (International Taxation), Mumbai ITA No. 2895/Mum/2008 AY 2005-06, reported in [2010] 132 TTJ 218. Since, the Tribunal has decided the identical issue in favour of the assessee in the similar set of facts in the aforesaid case, the impugned order, which is contrary to the findings of the Tribunal, is liable to be set aside. 6. On the other hand, the Ld. Departmental Representative (DR) did not controvert the fact that the issue involved in th…

VEMF-A.LP,MUMBAI vs. DCIT (IT) 4(3)(1), MUMBAI

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2012-13

…en given. 4 Therefore, the learned CIT(A) upheld the action of the AO and dismissed the appeal filed by the assessee. 5. Before us, learned counsel of the assessee relies on the decision in the case of First State Investments (Honkong) Ltd. vs. ADIT (2009) (132 TTJ 218); Fidelity Investment Trust Fidelity Overseas Fund vs. ADIT (2010) (36 SOT 22) (ITAT – Mum); DDIT vs. DWS India Equity Ltd. (2010) (ITA No 5055/Mum/2010) (AT – Mum) (Unreported); Capital International Emerging Markets Fund vs. DDIT (2013) (145 ITD 491) and CIT vs. Rungamatee Trexim (P) Ltd. (2008) (ITA No 812 of 208) (Calcutta High Court) (Unrepo…