DCIT (IT) 3(2)(2), MUMBAI V. OVERSEAS CHINESE BANKING CORPORATION LTD., MUMBAI

ITA 5193/MUM/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 1356 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-09-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: L
• Assessment Year: 2007-2008
• Appeal Filed On: 16-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N PADMANABAN
• Assessee Lawyers: SATISH KUMAR DINAVASI
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I , MUMBAI BEFORE SHRI C.N. PRASAD , HONBLE JUDICIAL MEMBER AND SHRI N.K. PRADHAN , HONBLE ACCOUNTANT MEMBER ITA NO. 5193 /MUM/201 6 (A.Y: 2007 - 08) D CIT (IT) 3(2)(2) R.NO. 1615, 16 TH FLOOR, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI 400 021 V. M/S. OVERSEAS CHINESE BANKING CORPORATION LTD., C/O. M.P. CHITALE & CO. 1 ST FLOOR, HAMAM HOUSE, AMBALAL DOSHI MARG, FORT, MUMBAI 400 001 PAN NO: AAACO 1235 A (APPELLANT) (RESPONDENT) DEPARTMENT BY : SHRI N. PADMANABA N ASSESSEE BY : SHRI SATISH KUMAR DINAVASI DATE OF HEARING : 10.09.2018 DATE OF PRONOUNCEMENT : 10.09.2018 O R D E R PER C.N. PRASAD , JUDICIAL MEMBER THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 57 , MUMBAI IN APPEAL NO. CIT(A) - 57 / ARR. 68/2016 - 17 DATED 27.05.2016 FOR THE ASSESSMENT YEAR 2007 - 08 . 2. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS IN ITS APPEAL: - 1. WHETHER ON FACTS AND IN CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD.CIT(A) HAS ERRED IN TAXING THE INTEREST INCOME @15% AS PER 2 ITA NO. 5193/MUM/2016 (A.Y:2007 - 08) M/S. OVERSEAS CHINESE BANKING CORPORATION LTD., PROVISIONS OF ARTICLE 11(2)(B) INSTEAD OF ARTICLE 11(2)(A) OF THE INDIA - SINGAPORE DOUBLE TAXATION AVOIDANCE AGREEMENT. 2. THE APPELLANT PRAYS THAT THE ORDER OF THE LD.CIT(A) ON THE ABOVE GROUND BE SET - ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 3. AT THE TIME OF HEARING, AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT TAX EFFECT ON THE ISSUE IN THE PRESENT AP PEAL IS BELOW 2 0 LAC S AND IN VIEW OF THE CBDT CIRCULAR N O . 3/2018 DATED 11/07 /201 8 IN F.NO.279/MISC.142/2007 - ITJ (PT) , THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. 4. DEPARTMENTAL REPRESENTATIVE ALSO AGREED WITH THE ABOVE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE. THEREFORE, WE DI SMISS THE APPEAL OF THE REVENUE ON ACCOUNT OF LOW TAX EFFECT . 5. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON MONDAY , THE 10 TH DAY OF SEPTEMBER, 201 8 . SD/ - SD/ - ( N.K. PRADHAN ) (C.N. PRASAD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI / DATED 10/09/2018 GIRIDHAR, SR.PS COPY TO: 1. THE ASSESS E E. 2. THE REVENUE. 3. THE CIT 4. THE CIT(A) 5. THE D.R . 6. GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., MUMBAI