Sumitomo Corpn v. Dy. CIT

DCIT (IT) 3(1)(1) , MUMBAI vs. ANTWERP DIAMOND BANK NV, MUMBAI

In the result appeal filed by the revenue is dismissed

…longer res integra. The Co- ordinate Bench of ITAT, Mumbai ‘I’ Bench, in assessee own case considered similar issue in light of provisions of Section 14A r.w.r. 8D and by following the decision of ITAT Delhi Bench in the case of Sumitomo Corporation vs. DCIT 114 ITD 61 held that when the assessee has not claimed reduction towards interest paid to head office as its expenditure, the question of apportionment interest for exempt income and taxable income does not arise, consequently no disallowance could be made u/s.14A of the Income Tax Act, 1961. The relevant findings of the Tribunal are as under:- “4.1. The fac…

DCIT (IT) 1(1)(2), MUMBAI vs. ANTWERP DIAMOND BANK NV., MUMBAI

In the result, appeals filed by the Revenue are dismissed in terms indicated hereinabove"

Bench: Shri Mahavir Singh, Jm & Shri G. Manjunatha, Am

…o longer res integra. The Co-ordinate Bench of ITAT, Mumbai ‘I’ Bench, in assessee own case considered similar issue in light of provisions of Section 14A r.w.r. 8D and by following the decision of ITAT Delhi Bench in the case of Sumitomo Corporation vs. DCIT 114 ITD 61 held that when the assessee has not claimed reduction towards interest paid to head office as its expenditure, the question of apportionment interest for exempt income and taxable income does not arise, consequently no disallowance could be made u/s.14A of the Income Tax Act, 1961. The relevant findings of the Tribunal are as under:- “4.1. The fa…

DIMENSION DATA ASIA PACIFIC PTE. LTD,MUMBAI vs. DCIT (IT) 2(1)(2), MUMBAI

In the result, both the appeals of assessee are partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am

…ordingly, we are of the view that under the provisions of Article 12(2) of the DTAA, the Service Fee would be chargeable to tax at the rate of 10 percent. This view of ours is supported by the orders of this ITAT in the cases of Sumitomo Corpn vs. DCIT (2008) 114 ITD 61 (Del), Sumitomo Corpn Vs. DCIT (2014) 162 TTJ 46 (Del) and of Bombay ITAT in the case of Kruz Subsea Pte Ltd. v. DDIT (IT) (2015) 172 TTJ 291 (Mum). 12. As far as AY 2013-14 are concerned, we are of the view that in this assessment year the provisions of the Act, both receipts viz, the Service Fee and the Management fee, falls under the purview o…

DIMENSION DATA ASIA PACIFIC PTE. LTD,MUMBAI vs. DCIT (IT) 2(1)(2), MUMBAI

In the result, both the appeals of assessee are partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am

…ordingly, we are of the view that under the provisions of Article 12(2) of the DTAA, the Service Fee would be chargeable to tax at the rate of 10 percent. This view of ours is supported by the orders of this ITAT in the cases of Sumitomo Corpn vs. DCIT (2008) 114 ITD 61 (Del), Sumitomo Corpn Vs. DCIT (2014) 162 TTJ 46 (Del) and of Bombay ITAT in the case of Kruz Subsea Pte Ltd. v. DDIT (IT) (2015) 172 TTJ 291 (Mum). 12. As far as AY 2013-14 are concerned, we are of the view that in this assessment year the provisions of the Act, both receipts viz, the Service Fee and the Management fee, falls under the purview o…