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“Section 9(1)(v)(b)”

Section References (mined)Section 9Section 9(1)(v)(b)4 judgments

UNIVERSAL TRACTOR HOLDING LLC ,USA vs. DCIT,INTERNATIONAL TAXATION CIRCLE 3(1)(1), NEW DELHI

In the result, the appeal of the assessee is dismissed

ITA 2216/DEL/2022[2019-20]Status: HeardITAT Delhi28 Aug 2024AY 2019-20

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

For Appellant: Sh. Durgesh Shankar, AdvFor Respondent: Ms. Banita Devi Neorem, CIT-DR
Section 143(3)Section 49

bank carrying a bonafide banking business and 15% of the gross amount of the interest in all other cases. 12. Relying on Section 9(1)(v)(b) of the Income Tax Act, 1961, the ld. DRP directed that the amount of Rs.2.47 cr. received by the assessee on interest ... b) 15 per cent of the gross amount of the interest in all other cases.” 16 Universal Tractor Holding LLC 20. Further, Section 9(1)(v)(b) of the income tax act mentions as below: “9(1) the following incomes shall be deemed to accrue or arise in India:- (v

EXIMCORP INDIA (P) LTD. ,KOLKATA vs. ACIT,CIR-5(2),KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

ITA 702/KOL/2023[2016-17]Status: DisposedITAT Kolkata05 Aug 2024AY 2016-17

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 115JSection 195Section 195(1)Section 2Section 40

ITAT were reversed. Some portions from the High Court judgement (261 ITR 113- Gujarat) deserve to be extracted: “The provisions of section 9(1)(v)(b), read with section 5(2) and section 4(1)(2) leave no room for doubt that the income payable by way of interest ... such interest payable to non-resident would be income deemed to have accrued or arisen to the non- resident in India under section 9(1)(v)(b) and would be chargeable to income- tax under section 4(1), read with section 5(2). If that be so, income-tax thereon

EXIMCORP INDIA PRIVATE LIMITED. ,KOLKATA vs. ACIT,CIR-5(2),KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

ITA 701/KOL/2023[2015-16]Status: DisposedITAT Kolkata05 Aug 2024AY 2015-16

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 115JSection 195Section 195(1)Section 2Section 40

ITAT were reversed. Some portions from the High Court judgement (261 ITR 113- Gujarat) deserve to be extracted: “The provisions of section 9(1)(v)(b), read with section 5(2) and section 4(1)(2) leave no room for doubt that the income payable by way of interest ... such interest payable to non-resident would be income deemed to have accrued or arisen to the non- resident in India under section 9(1)(v)(b) and would be chargeable to income- tax under section 4(1), read with section 5(2). If that be so, income-tax thereon

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

ITA 784/MUM/2023[2014-2015]Status: DisposedITAT Mumbai21 Aug 2023AY 2014-2015

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: -

For Appellant: Shri Anish Thackar/NikhilFor Respondent: Shri Amit Kumar Soni (Sr. DR)
Section 143(3)Section 147Section 201(1)Section 5(2)(b)Section 6

facts in holding that the interest paid by the appellant on its FCCBs is covered by exception to Section 9(1)(v)(b) of the Act and 7 A.Y. 2014-15 Citicorp Trustee Company Ltd. consequently it falls outside the ambit of deemed income arising and accruing in India