9911796707
TMI Blog2008 (9) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee against the order dated 22-12-2004 of CIT(A)-XII, Mumbai for the assessment year 2001-02. 2. The only issue arising in this appeal relates to disallowance of Rs. 1,47,37,806 being payment on account of commission paid to M/s. Bonas & Co. The disallowance has been made under section 40(a)(i) of the I.T. Act, 1961 (the Act). 3. Briefly stated the facts are that the assessee is in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was required to deduct the tax at source under section 195 of the Act. Since the assessee failed to deduct such tax, the provisions of section 40(a)(i) were attracted. In view of the same, the aforesaid amount of commission was disallowed in computing the income of the assessee. 4. The matter was carried in appeal before the learned CIT(A) before whom it was contended that no income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accrued to the assessee in India. Even assuming that income accrued it was to be considered as 'Business Profits' under the Indo-UK Treaty and could not be charged to tax in India in the absence of any permanent establishment in India. Therefore, we are in agreement with the legal finding given by the learned CIT(A) the order of the learned CIT(A) is therefore upheld. 6. In the result, the appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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