9911796707
TMI Blog2022 (4) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.09.2019 is barred by limitation. In light of the facts discussed hereinabove, we have no hesitation to hold that the assessment order is barred by limitation. Since we have held that the assessment order is barred by limitation, we do not find it necessary to dwell into the merits of the case. - ITA No. 8970/DEL/2019 - - - Dated:- 7-3-2022 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER Assessee By : Shri Harsh Kothari, Adv Department By : Ms. Anupama Anand, CIT-DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order dated 29.09.2019 framed u/s 143(3) r.w.s 144C(13) of the Income-tax Act, 1961 [hereinafter referred to as & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore not eligible for the beneficial rate of tax of 10% as per Article 11(2) of the India-Cyprus tax treaty. 2.2 The learned ACIT erred in holding that the appellant has obligation to transfer the interest income earned by it to its parent company. 2.3 The learned ACIT erred in denying beneficial tax rate of 10% under Article 11 of the India-Cyprus tax treaty without appreciating that on the same facts, in the assessment order for assessment year 2015-16 the interest income earned by appellant was taxed at 10% as per the India-Cyprus tax treaty. 3. The learned ACIT erred in not granting interest under section 244A of the Act till the issuance of refund. 4. Each one of the above grounds of appeal is without prejud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me returned by the assessee, it clearly shows that the Assessing Officer did not intend to make any variation in the income of the assessee. Therefore, the assessment order should have been framed as per the provisions of section 153 r.w.s 143(3) of the Act, meaning thereby that the assessment order dated 29.09.2019 is barred by limitation. 8. In light of the facts discussed hereinabove, we have no hesitation to hold that the assessment order is barred by limitation. Since we have held that the assessment order is barred by limitation, we do not find it necessary to dwell into the merits of the case. 9. In the result, the appeal of the assessee in ITA No. 8970/DEL/2019 is allowed. The order is pronounced in the open court on 07.03. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
