9911796707
TMI Blog2024 (2) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of the above factual matrix, the Ground No. 1 is dismissed. Charging tax at 15% plus surcharge and cess on assessed income in computation sheet in contrary of levy of tax at 10% in accordance with the assessment order - HELD THAT:- We deem it fit and proper to restore the matter for verification purpose and decide the same in accordance with law. Needless to say that the assessee should be given an opportunity of being heard. Levy of interest u/s 234A 234B is consequential in nature - AO is directed to re-compute the interest u/s. 234A 234B, if any, afresh in accordance with law. - Shri Shamim Yahya, Accountant Member And Shri Yogesh Kumar Us, Judicial Member For the Assessee : Shri Malay Kalavadia, Adv. For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in India- Netherland DTAA can be invoked only when a separate notification is issued by the Government of India. 1.3 On facts and circumstance of the case and in law, the learned AO in pursuance to directions issued by Ld. DRP erred in not applying lower rate of 5% on dividend income on application of MEN clause contained in India-Netherland DTAA read with India - Slovenia DTAA or India - Lithuania DTAA or India - Columbia DTAA. 1.4 On the facts and in circumstances of the case and in law, the learned AO in pursuance to directions issued by Ld. DRP has erred in not following decisions delivered by the Hon'ble jurisdictional High Court and Hon'ble Pune Tribunal on the issue arising in the Appellant's case. Ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, along with questionnaire were issued during assessment proceedings through the assessment module of ITBA and the assessee submitted its reply electronically. The assessee company is a tax resident of Netherlands. The assessee company holds 67.73% stake in Huhtamaki India Limited (HIL) which is a company listed on BSE and NSE. For the year under consideration, the Assessee has received an amount of Rs. 15,56,61,991/- from HIL, however, offered the same at rate of 5% tax by taking benefit of the MFN clause of India-Solvenia DTAA instead of 10% taxation rate as present in India-Netherlands DTAA. AO observed that for the applicability of the provisions of any other DTAA into the provisions of an existing DTAA vide the MFN clause, there needs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AO for verification and decide the same in accordance with law. Ld. DR has no objection. In view of the aforesaid facts and circumstances, we deem it fit and proper to restore the matter for verification purpose and decide the same in accordance with law. Needless to say that the assessee should be given an opportunity of being heard. 6. As regards Ground No. 3 relating to levy of interest under section 234A 234B of the Act is concerned, it is consequential in nature, hence, AO is directed to re-compute the interest u/s. 234A 234B, if any, afresh in accordance with law. 7. As regards Ground No. 4 relating to initiating of penalty proceedings under section 270A of the Act is concerned, it is premature, hence, the same deser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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