9911796707
TMI Blog2016 (1) TMI 503X X X X Extracts X X X X X X X X Extracts X X X X ..... er. Facts, as noted in the order of the Tribunal, are that the petitioner's parent company-M/s.Alkor Petroo Limited took a loan from U.T.I. Bank in the year 2004 for Rs. 4,37,43,512/-; and, utilizing the said loan amount, purchased technical data from M/s.Hardi Exploration and Production (Hardi UK). This technical data was given by M/s.Alkor Petroo Limited to its subsidiary (the assessee), and the account of the assessee was debited with this amount in the books of accounts of M/s.Alkor Petroo Limited. This amount was recovered, in the subsequent year, from the assessee company by its parent company M/s.Alkor Petroo Limited treating the amount of Rs. 4,40,60,426/- (as against the actual amount, as per account, of Rs. 4,37,43,512/-) paid by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s.Alkor Petroo Limited, was purchased by the assessee; payment made on such purchases did not attract TDS; no services of any sort were rendered by M/s.Alkor Petroo Limited to the assessee, to be construed as technical services rendered to a resident under Section 194-J of the Act; the assessing officer had wrongly levied tax under Section 201 of the Act, and interest thereon; rendering technical services is essential in terms of Section 194-J of the Act r/w.Explanation-2 to Section 9(1)(vii) of the Act; as held by the Supreme Court, in G.E. India Technology Centre P. Ltd. v. Commissioner of Income Tax the obligation to deduct tax arises only when the sum paid is 'chargeable to tax under the Act'; in the present case, the amount credited t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... technical services rendered to a resident under Section 194-J of the Act. Sri B.Narasimha Sarma, Learned Senior Standing Counsel for Income Tax Department, has also not been able to show how procurement of ready study data by the parent company, from another foreign company, and supplying it to the assessee amounts to services rendered to a resident attracting Section 194-J of the Act. The Tribunal is the final court of facts and, as the finding recorded by it is on the basis of the material on record, the order under appeal cannot be said to be perverse. The said order does not also give rise to any substantial question of law necessitating interference in appeal under Section 260-A of the Act. The appeal fails and is, accordingly, dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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