Karnataka Power Transmission Corporation Ltd. v. DCIT

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI, MUMBAI

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…fore, there is no obligation to deduct tax at source while making said payment of interest - Held, yes [Paras 35 to 41] [In favour of assessee] The High Court in Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Τaxman 287/383 ITR 59 (Kar) This Court in Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Тахтап 287/383 ITR 59 (Kar) while considering the applicability of Section 194A of the Act has observed that, Section 194A of the Act mandates the tax Deductor to deduct 'income tax' on any income by way of interest other than income by way o…

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…ax at source while making said payment DEFECTIVE NOS. 279, 281, 284 & of interest - Held, yes [Paras 35 to 41] [In 285 OF 2006 favour of assessee] This Court in Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar) while considering the applicability of Section 194A of the Act has observed that, Section 194A of the Act mandates the tax Deductor to deduct 'income tax' on any income by way of interest other than income by way of interest on securities. The phrase 'any income' and 'income tax thereon' if read harmoniously, it would indicate that the inter…

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3),, MUMBAI

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…e, there is no obligation to deduct tax at source while making said payment of interest - Held, yes [Paras 35 to 41] [In favour of assessee] 21 The High Court in Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar) This Court in Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar) while considering the applicability of Section 194A of the Act has observed that, Section 194A of the Act mandates the tax Deductor to deduct 'income tax' on any income by way of interest other than income by way o…

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…CTIVE NOS. favour of assessee] 279, 281, 284 & 285 OF 2006 M/s. K D LITE DEVELOPERS PRIVATE LIMITED The High Court This Court in Karnataka Power in Karnataka Transmission Corporation Ltd. v. Dy. CIT Power [2016] 67 taxmann.com 259/238 Taxman Transmission 287/383 ITR 59 (Kar) while considering Corporation Ltd. the applicability of Section 194A of the v. Dy. CIT [2016] Act has observed that, Section 194A of 67 taxmann.com the Act mandates the tax Deductor to 259/238 Taxman deduct 'income tax' on any income by 287/383 ITR 59 way of interest other than income by way (Kar) of interest on securities. The phrase 'any i…

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI, MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…CTIVE NOS. favour of assessee] 279, 281, 284 & 285 OF 2006 M/s. K D LITE DEVELOPERS PRIVATE LIMITED The High Court This Court in Karnataka Power in Karnataka Transmission Corporation Ltd. v. Dy. CIT Power [2016] 67 taxmann.com 259/238 Taxman Transmission 287/383 ITR 59 (Kar) while considering Corporation Ltd. the applicability of Section 194A of the v. Dy. CIT [2016] Act has observed that, Section 194A of 67 taxmann.com the Act mandates the tax Deductor to 259/238 Taxman deduct 'income tax' on any income by 287/383 ITR 59 way of interest other than income by way (Kar) of interest on securities. The phrase 'any i…

CITICORP TRUSTEE COMPANY LTD AS TRUSTEE FOR FCCB ISSUED BY JINDAL SAW LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INT TAXATION)-2(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 784/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2014-15) Citicorp Trustee Company बिधम/ Dcit (International Ltd. As Trustee For Fccb Taxation)-2(1)(1) Vs. Issued By Jindal Saw Ltd. 17Th Floor, 1713, Air India Citigroup Centre, Canada Building, Nariman Point, Square, Canary Wharf Mumbai-400021. London E14 5Lb United Kingdom. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecc0452D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Anish Thackar/Nikhil Tiwari/Lekh Mehta Revenue By: Shri Amit Kumar Soni (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 19/07/2023 घोषणा की तारीख /Date Of Pronouncement: 21/08/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Assessing Officer (Ao) Dated 19.01.2023 Passed U/S 143(3) R.W.S. 144C(13) R.W.S 147 Of The Income Tax Act, 1961 (Hereinafter “The Act”). 2. At The Outset, The Ld. Ar Of The Assessee Brought To Our Notice The Ground No. 2 Wherein The Assessee Has Raised The Legal Issue Against The Action Of The Ao To Have Reopened The Assessment U/S 147 Of The Act Without Satisfying The Essential Condition Prescribed Under The Act; & Therefore Contends That The Action Of The Ao Is Ab-Initio-Void. 3. In Order To Examine The Legal Issue Raised By The Assessee, It Is Necessary To Look Into The Reasons Recorded By Ao To Reopen The Assessment Which Is Reproduced As Under: -

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No. 784/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2014-15) Citicorp Trustee Company बिधम/ DCIT (International Ltd. As Trustee for FCCB Taxation)-2(1)(1) Vs. issued by Jindal Saw Ltd. 17th Floor, 1713, Air India CitiGroup Centre, Canada Building, Nariman Point, Square, Canary Wharf Mumbai-400021. London E14 5LB United Kingdom. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AAECC0452D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri Anish Thackar/Nikhil Tiwari/Lekh…

DCIT (OSD)(TDS)-2(3), MUMBAI vs. TOTAL ENERGIES MARKETING INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…

DCIT (OSD)(TDS)-2(3), MUMBAI vs. TOTAL ENERGIES MARKETING INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…

DCIT (OSD)(TDS)-2(3) , MUMBAI vs. TOTAL ENERGIES MARKETING INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…

DCIT (OSD)(TDS)-2(3), MUMBAI vs. TOTAL ENERGIES MARKETING INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…

DCIT (OSD)(TDS)-2(3), MUMBAI vs. TOTAL ENERGIES MARKETING INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…

DCIT (OSD)(TDS)-2(3) , MUMBAI vs. TOTAL ENERGIES MARKETING INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…

DCIT (OSD)(TDS)-2(3), MUMBAI vs. TOTAL ENERGIES MARKETINGS INDIA PVT LTD, MUMBAI

Appeals are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ayments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year. He also relied up on Karnataka Power Transmission Corporation Ltd. v. Dy. CIT [2016] 67 taxmann.com 259/238 Taxman 287/383 ITR 59 (Kar.) and [2020] 119 taxmann.com 424 (Mumbai - Trib.) c) With respect to the rebates and discounts of ₹ 399,200,000, he explained the business of the assessee and submitted that these are various types of discounts included in the invoice of the assessee and such rebates and discounts given in the invoice to the buyer of the products of the asses…