CAIRN ENERGY HYDROCARBON LTD. ,GURGAON vs. DCIT, INTL. TAXATION, CIRCLE, GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

CAIRN ENERGY HYDROCARBONS LTD.,GURGAON vs. DDIT, NEW DELHI

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

DDIT, NEW DELHI vs. M/S. CAIRN ENERGY HYDROCARBONS LTD., GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

DCIT, INTL. TAXATION, CIRCLE, GURGAON vs. CAIRN ENERGY HYDROCARBON LTD. , GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

MUFG BANK LTD,NEW DELHI vs. ACIT (INTERNATIONAL TAXATION) CIRCLE-2(2)(1), NEW DELHI

In the result appeal of the assessee is partly allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

gains of business" and thus deductible under section 80P(2)(a)(i) of the Income-tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114 (SC), CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194 (SC) and CIT v. Ramanathapuram District Co-operative Central Bank

M/S. BG EXPLORATION & PRODUCTION INDIA LTD.,MUMBAI vs. JCIT (INTERNATIONAL TAXATION), DEHRADUN

In the result, the appeal filed by the assessee is partly allowed for

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2011-12 Bg Exploration & Production India Jcit (International Taxation), Ltd., Dehradun. Lake Boulevard Road, Vs. Hiranandani Business Park, Powai, Mumbai.

gains of any business consisting of prospecting, extraction or production of 30 mineral oil, the Assessee would be entitled to claim deduction in respect of three items of expenditure in lieu of or in addition to the allowances admissible under the Act, viz., (i) exploration cost, which is capital expenditure, (ii) development cost, which is also capital expenditure

STANDARD CHARTERED GRINDLAYS LTD.,NEW DELHI vs. ACIT(INTERNATIONAL TAXATION), CIRCLE-3, NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 21/Del/2019 : Asstt. Year : 2003-04 Standard Chartered Grindlays Ltd., Vs Acit(Intl. Taxation), 4, Todar Mal Lane, Bengali Market, Circle-3, New Delhi-110001 New Delhi (Appellant) (Respondent) Pan No. Aahcs3880Q Assessee By : Ms. Shashi M. Kapila, Adv. & Sh. Pravesh Sharma, Adv. Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing: 29.06.2022 Date Of Pronouncement: 01.08.2022

capital gains of Rs.232,21,57,920/-. Allowability of business expenditure incurred outside India which pertains only to the Indian Business: 4. The Assessing Officer disallowed the expenses which were incurred only for the Indian business outside India on the grounds that these are general head office & administrative expenses which fall under section 44C

STANDARD CHARTERED GRINDLAYS BANK,NEW DELHI vs. ADIT INTERNATIONAL TAXATION, NEW DELHI

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Ms. Sushma Chowladr. B. R. R. Kumar(Through Video Coferencing)

capital expenditure. ITA Nos. 2920 & 2995/Del/2008 3 Standard Chartered Grindlays Bank 6. The Ld. CIT(A) has erred in law and on facts in making an estimated disallowance of managerial and administrative expenses of Rs. 2,50,000/- for earning dividend income by treating this as tax free income, whereas dividend income is strictly not a tax free item

BG EXPLORATION & PRODUCTION INDIA LTD.,MUMBAI vs. DCIT, INTERNATIONAL TAXATION, CIRCLE-1, DEHRADUN

In the result, the appeals filed by the assessee for assessment years 2013-14 and 2014-15 are allowed as discussed hereinabove

Bench: Sh. N. S. Saini & Smt. Beena A. Pillaiita No. 7476/Del/2018 : Asstt. Year : 2013-14

44C and that part of the aforesaid expenditure which was not approved by the Operator Board of the PSC, was outside the purview of section 42(1) of the Act. Accordingly, such expenses incurred by the appellant were held to be in the nature of head office ITA Nos. 7476 & 7477Del/2018 29 BG Exploration & Production India Ltd. expenditure allowable only

BG EXPLORATION & PRODUCTION INDIA LTD.,MUMBAI vs. DCIT, INTERNATIONAL TAXATION, CIRCLE-1, DEHRADUN

In the result, the appeals filed by the assessee for assessment years 2013-14 and 2014-15 are allowed as discussed hereinabove

Bench: Sh. N. S. Saini & Smt. Beena A. Pillaiita No. 7476/Del/2018 : Asstt. Year : 2013-14

44C and that part of the aforesaid expenditure which was not approved by the Operator Board of the PSC, was outside the purview of section 42(1) of the Act. Accordingly, such expenses incurred by the appellant were held to be in the nature of head office ITA Nos. 7476 & 7477Del/2018 29 BG Exploration & Production India Ltd. expenditure allowable only

BG EXPLORATION & PRODUCTION INDIA LTD.,MUMBAI vs. DCIT, INTERNATIONAL TAXATION, DEHRADUN

Bench: Shri R.K. Panda & Shri Kuldip Singh

gains of any business consisting of prospecting, extraction or production of mineral oil, the Assessee would be entitled to claim deduction in respect of three items of expenditure in lieu of or in addition to the allowances admissible 23 ITA No.6791/Del./2017 under the Act, viz., (i) exploration cost, which is capital expenditure, (ii) development cost, which is also capital

M/S. BOMBARDIER TRANSPORTATION GMBH SCHONEBERGERUFER 1,NEW DELHI vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Shamim Yahya & Shri Kul Bharat

44C (14,01,333) Net taxable profit 2,66,25,323 46. Therefore, in view of the above discussions, the income is proposed to be assessed as under :- Particulars Amount (in Rs.) Returned Income 25,19,77,876 Add : Net taxable profit to be taxed @ 40% plus 2,66,25,323 surcharge and cess (as computed above) Total

BOMBARDIER TRANSPORTATION GMBH,NEW DELHI vs. DCIT, CIRCLE- 1(1)(2), INTL. TAXATION, NEW DELHI

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Shamim Yahya & Shri Kul Bharat

44C (14,01,333) Net taxable profit 2,66,25,323 46. Therefore, in view of the above discussions, the income is proposed to be assessed as under :- Particulars Amount (in Rs.) Returned Income 25,19,77,876 Add : Net taxable profit to be taxed @ 40% plus 2,66,25,323 surcharge and cess (as computed above) Total

ASIA SATELLITE TELECOMMUNICATIONS CO. LTD. vs. DIRECTOR OF INCOME TAX

The appeal of the Revenue is dismissed

capital asset situated in India. It, however, held that the appellant could be said to have a business connection in India because according to the Tribunal, in order to constitute a business connection, the test to be applied was that there must be an activity of the non-resident in India having an intimate relationship of a business character with

AMADEUS IT GROUP SA,SPAIN vs. ACIT, CIRCLE-1(1)(1) INT.TAXATION, NEW DELHI

In the result, for statistical purposes, the appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraasstt. Year: 2020-21

44C of the Act. 14. That without prejudice the DRP/ assessing officer erred in facts and in law in erroneously computing the income of the alleged PE of the appellant. Re: CRS income- Royalty 15. That the DRP/ assessing officer erred on facts and in law in, alternatively, holding that booking fee of Euro 102,026,836/- received