9911796707
TMI Blog2024 (5) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... its Indian AE - assessee is a Foreign Company incorporated and resident in USA and it did not file its return of income and therefore notice u/s 148 of the Act was issued - income was received by the assessee as Royalty which was subjected to TDS @15% as per the Article 12 of India USA DTAA - HELD THAT:- Assessee was under a bonafide belief that it was not required to file any return of income as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is that the Ld. CIT(A) erred in confirming the levy of penalty under section 271BA of Income-tax Act, 1961 (in short Act ) amounting to ₹.1,00,000/-. 3. Briefly stated the facts of the case are that the, assessee is a Foreign Company incorporated and resident in USA. It did not file its return of income and therefore notice under section 148 of the Act was issued by the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fide belief that it is not required to file return of income in India. It is also true that pursuant to the notice under section 148 of the Act the assessee filed its return of income declaring income of ₹.3,55,37,509/-. This income was received by the assessee as Royalty which was subjected to TDS @15% as per the Article 12 of India USA DTAA. We find that the assessment has been framed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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