India Vs. Azadi Bachao Andolan 263 ITR 706 (SC); and Vodafone International Holdings B.V v. Union of India

341 ITR 1Supreme Court of India2012#264 most cited

What is India Vs. Azadi Bachao Andolan 263 ITR 706 (SC); and Vodafone International Holdings B.V v. Union of India authority for?

Legitimate tax planning is permissible, allowing taxpayers to arrange their affairs to minimize tax liabilities while respecting the "look at test" for transaction genuineness and the separate entity principle in corporate taxation. The source of funds for treaty-beneficial structures does not automatically invalidate the transaction.

295

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2015 to 2026.

Also referred to as

Vodafone International Holdings v. UOI · India Vs. Azadi Bachao Andolan · 341 ITR 1 SC · tax planning permissible · look at test · DTAA benefits · Mauritius treaty · TRC validity · separate entity principle · corporate taxation · Section 90

Sections most often in play

Section 143(3)Section 234BSection 144C(13)Section 147Section 148Section 234ASection 234CSection 151

Issues it is cited on

treaty benefitsazadi bachao andolantrctax treatypermanent establishmentsection 90short term capital gainnon-residentliable to taxfair market valuesection 115jfinal assessment order

Judgments citing India Vs. Azadi Bachao Andolan 263 ITR 706 (SC); and Vodafone International Holdings B.V v. Union of India

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

ITA 7477/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2023AY 2011-12

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR
Section 115Section 14ASection 35D

…being satisfactory. In this situation, the provisions of Sec.68 is clearly triggered. 011. At this stage, it will be profitable to make a reference to the judgment given by the Hon'ble SC in the case of Vodafone International Holding B. V. vs. Union of India 341 ITR 1 (SC) (2012). In this judgment, the Hon'ble SC has given certain tests which can be used to understand whether the transaction of investment by a foreign company into an Indian company is genuine or not. These tests are described in brief in the subsequent paragraphs: Look at Principle: (Para 60 of the order) It has been observed by the Hon'ble SC t…

9X Media P.Ltd, Mumbai vs. JCIT RG 11(1), Mumbai

ITA 7052/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2023AY 2011-12

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR
Section 115Section 14ASection 35D

…being satisfactory. In this situation, the provisions of Sec.68 is clearly triggered. 011. At this stage, it will be profitable to make a reference to the judgment given by the Hon'ble SC in the case of Vodafone International Holding B. V. vs. Union of India 341 ITR 1 (SC) (2012). In this judgment, the Hon'ble SC has given certain tests which can be used to understand whether the transaction of investment by a foreign company into an Indian company is genuine or not. These tests are described in brief in the subsequent paragraphs: Look at Principle: (Para 60 of the order) It has been observed by the Hon'ble SC t…

Sapien Funds Ltd, Mauritius vs. CIT(International Taxation), New Delhi

In the result, appeal of the assessee is allowed

ITA 2890/DEL/2022[2018-19]Status: DisposedITAT Delhi21 Nov 2023AY 2018-19

Bench: Shri Challa Nagendra Prasada N D Shri M. Balaganesh

For Appellant: Advocate
Section 143(3)Section 263

…I.T.A. No. 2890/Del/2022 IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “D” : DELHI ] BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER A N D SHRI M. BALAGANESH, ACCOUNTANT MEMBER आ.अ.सं./ I.T.A No.2890/Del/2022 िनधा"रणवष"/Assessment Year: 2018-19 Sapien Funds, CIT, बनाम 12-Central Lane, Ground Floor, International Taxation, Vs. Bengali Market, New Delhi. New Delhi – 110 001. PAN No. AAWCS2495N अपीलाथ" /Appellant ""यथ"/Respondent Ms. Ananya Kapoor, िनधा"रतीक"ओरसे /Assessee by : Advocate; Shri Vijay Vasanta, राज"वक"ओरसे / Department by [CIT] - D. R.; : 28/08/2023 सुनवाईक"तारीख/ Date of hearing : उ"ोषणाक…

Jayant Avinash Dave, Pune vs. Deputy Commissioner of Income-Tax, Circle 5, Pune

In the result, the cross appeals are partly allowed for statistical purposes and the CO is dismissed as infructuous

ITA 23/PUN/2019[2015-16]Status: DisposedITAT Pune30 Oct 2023AY 2015-16

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.23/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Circle 5, Pune Amar Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Appellant Respondent आयकर अपीऱ सं. / Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Dcit, Vs. Jayant Avinash Dave Circle 5, Pune 46/2/1B, Kaka Halwai Industrial Estate, Pune Satara Road, Pune – 411009 Pan: Aaqpd6875J Appellant Respondent Cross Objection No.11/Pun/2022 (Arising Out Of Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Amar Circle 5, Pune Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Cross Objector Respondent & Co No.11/Pun/2022

Section 144ASection 28

…of any shares. 20. To bolster his submission that no part of the consideration should be attributed to anything other than the shares, the ld. AR relied on the judgment of Hon'ble Supreme Court in Vodafone International Holdings B.V. vs. Union of India (2012) 341 ITR 1 (SC). That was a case in which Hutchison International, Hong Kong set up its 100% subsidiary, CGP Investments in Cayman Islands. CGP Investments purchased shares of an Indian company, namely, Hutchison Essar Ltd. Vodafone International, Netherlands entered into an agreement in Australia with Hutchison International, Hong Kong for purchase of shares…

Deputy Commissioner of Income-Tax, Circle - 5, Pune vs. Jayant Avinash Dave, Pune

In the result, the cross appeals are partly allowed for statistical purposes and the CO is dismissed as infructuous

ITA 182/PUN/2019[2015-16]Status: DisposedITAT Pune30 Oct 2023AY 2015-16

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.23/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Circle 5, Pune Amar Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Appellant Respondent आयकर अपीऱ सं. / Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Dcit, Vs. Jayant Avinash Dave Circle 5, Pune 46/2/1B, Kaka Halwai Industrial Estate, Pune Satara Road, Pune – 411009 Pan: Aaqpd6875J Appellant Respondent Cross Objection No.11/Pun/2022 (Arising Out Of Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Amar Circle 5, Pune Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Cross Objector Respondent & Co No.11/Pun/2022

Section 144ASection 28

…of any shares. 20. To bolster his submission that no part of the consideration should be attributed to anything other than the shares, the ld. AR relied on the judgment of Hon'ble Supreme Court in Vodafone International Holdings B.V. vs. Union of India (2012) 341 ITR 1 (SC). That was a case in which Hutchison International, Hong Kong set up its 100% subsidiary, CGP Investments in Cayman Islands. CGP Investments purchased shares of an Indian company, namely, Hutchison Essar Ltd. Vodafone International, Netherlands entered into an agreement in Australia with Hutchison International, Hong Kong for purchase of shares…

ACIT(Ltu-1), Mumbai vs. M/S. Tcs Ltd, Mumbai

ITA 5904/MUM/2019[2014-15]Status: DisposedITAT Mumbai15 Sept 2023AY 2014-15

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 10ASection 115JSection 14ASection 19Section 40Section 90(1)(a)

…is liable to pay tax, and second, if he is so liable, he is liable to deduct tax depending on the rate mentioned in the DTAA. GE INDIA TECHNOLOGY CENTRE (R) LTD. v. CIT [20101 327 ITR 456 (SC) and VODAFONE INTERNATIONAL HOLDINGS B. V. V. UNION OF LNDJA [20121 341 ITR 1 (SC) relied on. The argument based on article 30 of the Double Taxation Avoidance Agreement between India and the United States of America that the DTAA's provisions in these cases would not apply at all, inasmuch as the provisions relatable to deduction of tax at source under section 195 of the Act do not refer to tax at all, but are deductions th…

Tata Consultancy Serrvices Limited, Mumbai vs. DCIT-1, Mumbai

ITA 5199/MUM/2019[2014-15]Status: DisposedITAT Mumbai15 Sept 2023AY 2014-15

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 10ASection 115JSection 14ASection 19Section 40Section 90(1)(a)

…is liable to pay tax, and second, if he is so liable, he is liable to deduct tax depending on the rate mentioned in the DTAA. GE INDIA TECHNOLOGY CENTRE (R) LTD. v. CIT [20101 327 ITR 456 (SC) and VODAFONE INTERNATIONAL HOLDINGS B. V. V. UNION OF LNDJA [20121 341 ITR 1 (SC) relied on. The argument based on article 30 of the Double Taxation Avoidance Agreement between India and the United States of America that the DTAA's provisions in these cases would not apply at all, inasmuch as the provisions relatable to deduction of tax at source under section 195 of the Act do not refer to tax at all, but are deductions th…

Sindya Securities and Investments Private Limited, Chennai vs. ACIT, Corp.Circle-6[2], Chennai

The appeal stand allowed in terms of our above order

ITA 438/CHNY/2022[2017-18]Status: DisposedITAT Chennai08 Sept 2023AY 2017-18

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.438/Chny/2022 (िनधा*रण वष* / Assessment Year: 2017-18) M/S. Sindya Securities & Investments Pvt. Ltd. Acit बनाम/ No.609, Lakshi Bavan, V Floor Corporate Circle 6(2) Sundaram Avenue, Mount Road Chennai Vs. Nungambakkam, Chennai-600 006. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aalcs-3297-B (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri T. Banusekar (Ca) & Shri Vishwa Padmanabhan,(Ca) - Ld.Ars " थ"कीओरसे/Respondent By : Dr. S. Senthil Kumaran (Cit) – Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 03-08-2023 घोषणाकीतारीख /Date Of Pronouncement : 08-09-2023 आदेश / O R D E R

For Appellant: Shri T. Banusekar (CA) &For Respondent: Dr. S. Senthil Kumaran (CIT) – Ld. DR
Section 142(1)Section 143(3)Section 14ASection 263Section 28

…rmination of Call option agreement and substantiated its stand as to why the aforesaid income would be taxed as capital gains. To support the same, the assessee relied on the decision of Hon’ble Supreme Court in the case of Vodafone International Holdings BV (341 ITR 1) which triggered amendment to Sec. 2(14) and the amendment provide that property would include any rights whatsoever in relation to an Indian Company. Therefore, the right to purchase the shares would fall within the purview of definition of capital assets post amendment to Sec. 2(14). The consideration received subsequently upon termination of cal…

Amadoroco Ltd, Cyprus vs. ACIT, Circle-1(1)(1) (International Taxation), New Delhi

In the result, the appeal of the assessee is allowed

ITA 1007/DEL/2020[2014-15]Status: DisposedITAT Delhi06 Sept 2023AY 2014-15

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraasstt. Year: 2014-15

For Appellant: S/Sh. Amit Sharma, Sumit JainFor Respondent: Shri Vizay B. Vasanta, CIT-DR
Section 143(3)Section 144CSection 263

…t the appellant is a commercial concern and have a vested business interest in Cyprus since its incorporation and further without appreciating the law as settled by the Honorable Supreme court in the case of Vodafone International Holdings B. V. v. UOI (2012) 341 ITR 1 that every investment in India should be considered in a holistic manner and the commercial purpose of the entity/appellant. 3. Without prejudice to ground no. 2, on the facts and circumstances of the case and in law, the Ld. AO, pursuant to the order passed u/s 263 of the Act by the Ld. CIT, has erred in not allowing the deduction while calculatin…

Saif 2-Se Investments Mauritius Ltd, New Delhi vs. ACIT, Circle International Taxation (3)(1)(2) Delhi, New Delhi

ITA 1812/DEL/2022[2018-19]Status: DisposedITAT Delhi14 Aug 2023AY 2018-19

Bench: Shri G.S. Pannu & Shri Saktijit Deyassessment Year: 2018-19

Section 10(34)Section 142(1)Section 143(3)Section 144C(13)

…1708/Mum/2016, dated 2nd July, 2018) v. Reverse Age Healthcare Services Pte. Ltd. Vs. DCIT (ITA No.1867/Del/2022, dated 17th February, 2023) 13. He submitted, the decision of the Hon’ble Supreme Court in case of Vodafone International Holding B.V. [2012] 341 ITR 1 (SC) relied upon by the Assessing Officer favours the assessee. In this context, he drew our attention to the observations of the Hon’ble Supreme Court in paragraph 97 of the judgment. Thus, he submitted, the assessee, being a resident of Mauritius, is entitled to avail treaty benefits, which is more beneficial. Therefore, capital gain arising…

Jm Financial Ltd, Mumbai vs. DCIT 4(3), Mumbai

The appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 3987/MUM/2015[2008-09]Status: DisposedITAT Mumbai04 Aug 2023AY 2008-09

Bench: Shri Aby T Varkey () & Ms. Padmavathy S. ()

Section 143(3)

…y allowed for statistical purpose.” 3. In the second round of proceedings, the Assessing Officer held the gain on sale of shares be business income by stating that assessee‟s case is distinguishable from the case of Vodafone International Holdings B.V. vs UOI 341 ITR 1 (SC). The Ld.CIT(A) in the second round allowed the appeal in favour of the assessee by holding that the income arising out of the sale of shares is to be taxed under the head, „capital gains‟. The assessing Officer in addition to the above did not allow the loss arising out of sale of shares of JM Financial Products Pvt Ltd and did not allow the s…

DCIT 4(3)(1), Mumbai vs. J.M. Financial Ltd, Mumbai

The appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 3925/MUM/2015[2008-09]Status: DisposedITAT Mumbai04 Aug 2023AY 2008-09

Bench: Shri Aby T Varkey () & Ms. Padmavathy S. ()

Section 143(3)

…y allowed for statistical purpose.” 3. In the second round of proceedings, the Assessing Officer held the gain on sale of shares be business income by stating that assessee‟s case is distinguishable from the case of Vodafone International Holdings B.V. vs UOI 341 ITR 1 (SC). The Ld.CIT(A) in the second round allowed the appeal in favour of the assessee by holding that the income arising out of the sale of shares is to be taxed under the head, „capital gains‟. The assessing Officer in addition to the above did not allow the loss arising out of sale of shares of JM Financial Products Pvt Ltd and did not allow the s…

DCIT, Chennai vs. Royal Sundaram Alliance Insurance Company Ltd., Chennai

In the result, appeals filed by the Revenue for all assessment years

ITA 1367/CHNY/2013[2009-2010]Status: DisposedITAT Chennai28 Jun 2023AY 2009-2010

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…High Court in case of Vodafone International Holdings (329 ITR 126), in upholding action of the AO of subjecting reinsurance premium to tax in India, we find that the Hon’ble Supreme Court has subsequently overruled this decision and same has been reported in 341 ITR 1 (SC) and thus, entire basis for the decision of the CIT(A) for the assessment year 2007-08 has no legs to stand. Further, the learned CIT(A) for the assessment year 2007-08 did not follow order of his predecessor for the assessment year 2005-06 on the ground that judgment of the Hon’ble Bombay High Court in Vodafone International Holdings (supra) a…

DCIT, Chennai vs. M/S. United India Insurance Co. Ltd., Chennai

In the result, appeal filed by the Revenue is dismissed

ITA 1692/CHNY/2011[2007-08]Status: DisposedITAT Chennai28 Jun 2023AY 2007-08

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.1692/Chny/2011 िनधा"रण वष" /Assessment Year: 2007-08 The Dy. Commissioner- V. M/S.United India- Of Income Tax, Insurance Co. Ltd., Large Taxpayer Unit, 24, Whites Road, Chennai. Chennai-600 014. [Pan: Aaacu 5552 C] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr. Standing Counsel Assessee By : Mr.S.Sundararaman, Ca सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.S.Sundararaman, CAFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40Section 4A

…High Court in case of Vodafone International Holdings (329 ITR 126), in upholding action of the AO of subjecting reinsurance premium to tax in India, we find that the Hon’ble Supreme Court has subsequently overruled this decision and same has been reported in 341 ITR 1 (SC) and thus, entire basis for the decision of the CIT(A) for the aassessment year 2007-08 has no legs to stand. Further, the learned CIT(A) for the assessment year 2007-08 did not follow order of his predecessor for the assessment year 2005-06 on the ground that judgment of the Hon’ble Bombay High Court in Vodafone International Holdings (supra)…

DCIT, Chennai vs. M/S. Royal Sundaram Alliance Insurance Co. Ltd., Chennai

In the result, appeals filed by the Revenue for all assessment years

ITA 1670/CHNY/2011[2008-09]Status: DisposedITAT Chennai28 Jun 2023AY 2008-09

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…High Court in case of Vodafone International Holdings (329 ITR 126), in upholding action of the AO of subjecting reinsurance premium to tax in India, we find that the Hon’ble Supreme Court has subsequently overruled this decision and same has been reported in 341 ITR 1 (SC) and thus, entire basis for the decision of the CIT(A) for the assessment year 2007-08 has no legs to stand. Further, the learned CIT(A) for the assessment year 2007-08 did not follow order of his predecessor for the assessment year 2005-06 on the ground that judgment of the Hon’ble Bombay High Court in Vodafone International Holdings (supra) a…

DCIT, Chennai vs. M/S. Royal Sundaram Alliance Insurance Co. Ltd., Chennai

In the result, appeals filed by the Revenue for all assessment years

ITA 1669/CHNY/2011[2007-08]Status: DisposedITAT Chennai28 Jun 2023AY 2007-08

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…High Court in case of Vodafone International Holdings (329 ITR 126), in upholding action of the AO of subjecting reinsurance premium to tax in India, we find that the Hon’ble Supreme Court has subsequently overruled this decision and same has been reported in 341 ITR 1 (SC) and thus, entire basis for the decision of the CIT(A) for the assessment year 2007-08 has no legs to stand. Further, the learned CIT(A) for the assessment year 2007-08 did not follow order of his predecessor for the assessment year 2005-06 on the ground that judgment of the Hon’ble Bombay High Court in Vodafone International Holdings (supra) a…

DCIT, Chennai vs. M/S. Royal Sundaram Alliance Insurance Co. Ltd., Chennai

In the result, appeals filed by the Revenue for all assessment years

ITA 1668/CHNY/2011[2006-07]Status: DisposedITAT Chennai28 Jun 2023AY 2006-07

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.1668 To 1670/Chny/2011 & िनधा"रण वष" /Assessment Year: 2006-07 To 2008-09 & 2009-10 The Dy. Commissioner- V. M/S.Royal Sundaram – Of Income Tax, Alliance Insurance Co. Ltd., Large Taxpayer Unit, 21, Patullos Road, Chennai. Chennai-600 002. [Pan: Aabcr 7106 G] (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Mr.M.Swaminathan, Sr.St. Counsel Assessee By : Mr.Sandeep Bagmar, Adv. सुनवाई की तारीख/Date Of Hearing : 19.06.2023 घोषणा की तारीख /Date Of Pronouncement : 28.06.2023

For Appellant: Mr.Sandeep Bagmar, AdvFor Respondent: Mr.M.Swaminathan
Section 14ASection 37Section 40

…High Court in case of Vodafone International Holdings (329 ITR 126), in upholding action of the AO of subjecting reinsurance premium to tax in India, we find that the Hon’ble Supreme Court has subsequently overruled this decision and same has been reported in 341 ITR 1 (SC) and thus, entire basis for the decision of the CIT(A) for the assessment year 2007-08 has no legs to stand. Further, the learned CIT(A) for the assessment year 2007-08 did not follow order of his predecessor for the assessment year 2005-06 on the ground that judgment of the Hon’ble Bombay High Court in Vodafone International Holdings (supra) a…

ACIT, Circle- 27(1), New Delhi vs. U K Paints India Pvt. Ltd., New Delhi

In the result, appeal of Revenue for A

ITA 764/DEL/2018[2014-15]Status: DisposedITAT Delhi16 Jun 2023AY 2014-15

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaacit Vs. M/S. U. K. Paints (India) Pvt. Central Circle – 10 Ltd., 19, Dda Commercial New Delhi Complex, Kailash Colony Extn., Zamrudpur, New Delhi - 48 Pan No. Aaacu 0057 C (Appellant) (Respondent) & Co No. 244/Del/2013 (Arising Out Of Ita No.4115/Del/2013) (For Assessment Year : 2008-09) M/S. U. K. Paints (India) Vs. Acit Pvt. Ltd., 19, Dda Central Circle – 10 Commercial Complex, New Delhi Kailash Colony Extn., Zamrudpur, New Delhi-48 Pan No. Aaacu 0057 C (Appellant) (Respondent) & Acit Vs. U. K. Paints (India) Pvt. Ltd. Circle – 27(1) 19, Dda Commercial New Delhi Complex, Kailash Colony Extn., Zamrudpur, New Delhi-48 Pan No. Aaacu 0057 C (Appellant) (Respondent)

Section 143(3)Section 14ASection 80I

…erused the material available on record. The issue in the present ground is with respect to the addition made on compensation received by the assessee. We find that CIT(A) after placing reliance on the decision of Hon’ble Supreme Court in the case of Vodafone 341 ITR 1 has held that the 20 compensation received by the assessee was not merely for transaction of one or more tangible rights but was receipts of bundle of rights as investing partner as the whole profit making process was impaired. He has further given a finding that assessee was never engaged till date in insurance business with any other party and ge…

ACIT, New Delhi vs. M/S U.K. Paints (India) Pvt. Ltd., New Delhi

In the result, appeal of Revenue for A

ITA 4115/DEL/2013[2008-09]Status: DisposedITAT Delhi16 Jun 2023AY 2008-09

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaacit Vs. M/S. U. K. Paints (India) Pvt. Central Circle – 10 Ltd., 19, Dda Commercial New Delhi Complex, Kailash Colony Extn., Zamrudpur, New Delhi - 48 Pan No. Aaacu 0057 C (Appellant) (Respondent) & Co No. 244/Del/2013 (Arising Out Of Ita No.4115/Del/2013) (For Assessment Year : 2008-09) M/S. U. K. Paints (India) Vs. Acit Pvt. Ltd., 19, Dda Central Circle – 10 Commercial Complex, New Delhi Kailash Colony Extn., Zamrudpur, New Delhi-48 Pan No. Aaacu 0057 C (Appellant) (Respondent) & Acit Vs. U. K. Paints (India) Pvt. Ltd. Circle – 27(1) 19, Dda Commercial New Delhi Complex, Kailash Colony Extn., Zamrudpur, New Delhi-48 Pan No. Aaacu 0057 C (Appellant) (Respondent)

Section 143(3)Section 14ASection 80I

…erused the material available on record. The issue in the present ground is with respect to the addition made on compensation received by the assessee. We find that CIT(A) after placing reliance on the decision of Hon’ble Supreme Court in the case of Vodafone 341 ITR 1 has held that the 20 compensation received by the assessee was not merely for transaction of one or more tangible rights but was receipts of bundle of rights as investing partner as the whole profit making process was impaired. He has further given a finding that assessee was never engaged till date in insurance business with any other party and ge…

Sapein Funds Ltd., Mauritius vs. CIT (International Taxation) Delhi-3, New Delhi

In the result, the appeal of the assessee is allowed

ITA 976/DEL/2022[2017-18]Status: DisposedITAT Delhi08 Jun 2023AY 2017-18

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Salil Kapoor, Adv. &For Respondent: Sh. Vizay Vasanta, CIT-DR
Section 143(3)Section 263

…THE INCOME TAX APPELLATE TRIBUNAL DELHIBENCH ‘D’, NEW DELHI Before Sh. Saktijit Dey, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 976/Del/2022 : Asstt. Year : 2017-18 Sapein Funds Ltd., Vs CIT(International Taxation), 3rd Floor, 355 NEX, Rue de Delhi-3, Savoir, Cybercity Ebene, New Delhi Foreign 72201, Mauritius (APPELLANT) (RESPONDENT) PAN No. AAWCS2495N Assessee by : Sh. Salil Kapoor, Adv. & Ms. Ananya Kapoor, Adv. Revenue by : Sh. Vizay Vasanta, CIT-DR Date of Hearing: 20.04.2023 Date of Pronouncement: 08.06.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been…