2012 (12) TMI 737

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..... vices should be made in the year in which the amounts are received and not otherwise - ITAT in holding that royalty and fees for technical services should be taxed on receipt basis cannot be faulted - in favour of assessee. Levy of interest u/s 234B - Held that:- As decided in DIT (INTERNATIONAL TAXATION) Versus NGC NETWORK ASIA LLC [2009 (1) TMI 174 - BOMBAY HIGH COURT] when a duty is cast on .....

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..... /s. CIT 201 ITR 391 that the credit entry to the account of the assessee nonresident in the books of the Indian company amounted to receipt by the nonresident ? ii) Whether on the facts and I the circumstances of the case the Tribunal was right in law in confirming the order of the CIT (A) in deciding that as the assessee is a nonresident, its entire income is tax deductible, the question of lev .....

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..... that the royalty and fees for technical services should be taxed on receipt basis cannot be faulted. 3. As regards second question is concerned, counsel for the parties state that the said question is covered against the Revenue by the judgment of this Court in the case of Director of Income Tax (International Taxation) V/s. NGC Network Asia LLC Limited reported in (2009) 313 ITR 187 (Bom.). Acc .....

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