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TMI Blog2014 (11) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... y the AO – AO has considered this aspect of the matter and such consideration could not have been done unless and until the petitioner/assessee had made the full and true disclosure of the material particulars - the notice in this petition has not been withdrawn because the Revenue’s audit objections are still alive - the notice is without jurisdiction and it is to be set aside – Decided in favour of assessee. - W. P. (C) 1790/2014 & CM 3748/2014 - - - Dated:- 31-10-2014 - Badar Durrez Ahmed And Siddharth Mridul,JJ. For the Petitioner : Ms Shashi M. Kapila For the Respondents : Mr Rohit Madan, Sr. Standing Counsel for Income Tax Deptt. with Mr. Ruchir Bhatia JUDGMENT Badar Durrez Ahmed, J (Oral) 1. This writ peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tead of 40% plus surcharge .The mistake resulted in short levy of tax of ₹ 2,00,08,155/- including interest 'under section 234B of the IT Act, 1961. In view of the above, I have reasons to believe that the income chargeable to tax assessment within the meaning of Section 147/148 of the IT Act, 1961. 4. With regard to the above recorded reasons, the learned counsel for the petitioner pointed out that the same does not even allege that the petitioner/assessee has not made a full and true disclosure of the material particulars. All that is referred to is that there is a mistake which resulted in the short levy of tax of ₹ 2,00,08,155/- on account of the tax rate being taken as 15% instead of 40% plus surcharge. 5. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dard Chartered Grindlays Ltd. had no banking operations or any other business operations in India with effect from 1st September 2002. During the period under consideration, the assessee company did not render any services nor carry on any business. As the assessee company had no business income, there can be no Permanent Establishment in India as contemplated under Article 5 read with Article 7 of the Indo-Australian DTAT. The concept 'Permanent Establishment' contemplates a fixed place of business. When there is no business operations at all then there can be no fixed place of business or PE in India. As no business is carried on by the assessee company, hence Article 11(4) of the Indo -Australian DTAT would not be applicable. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice u/s 143(2) was issued on 26/10/2007. In response to the same Mrs. Shashi Kapila, AR attended from time to time and filed the details as called for and the case was discussed with her. The assessee is a tax resident of Australia. During the year under consideration till it has declared interest income of ₹ 6,16,54,229/- and offered the same for taxation @ 15% in view of Article 1(2) of the DTAA between India and Australia. The assessee has furnished evidences for in support of its claiming income taxability which are placed on record. After discussion the return income of the assessee of ₹ 6,16,54,229/- is accepted. 9. We have heard the counsel for the parties and are of the view that the writ petition has to be a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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