Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Underwriting commission paid to a non-resident for assuring subscription of an issue was held not to be fees for technical services under the India-UK DTAA or section 9(1)(vii). The Tribunal applied the treaty's make available requirement and found that no technical knowledge, experience or skill was passed on to the Indian clients. It further held that underwriting is only an undertaking to take up any unsubscribed portion of the shares, which does not amount to rendering technical or consultancy services. The commission was therefore not taxable in India, and the Revenue's appeal was dismissed.
Underwriting commission paid to a non-resident for assuring subscription of an issue was held not to be fees for technical services under the India-UK DTAA or section 9(1)(vii). The Tribunal applied the treaty's make available requirement and found that no technical knowledge, experience or skill was passed on to the Indian clients. It further held that underwriting is only an undertaking to take up any unsubscribed portion of the shares, which does not amount to rendering technical or consultancy services. The commission was therefore not taxable in India, and the Revenue's appeal was dismissed.
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