2012 (5) TMI 630

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....ated 10-03-2008 for the assessment years 2001-02, 2002-03 and 2003-04. As the issues arising in all these appeals are common, for the sake of convenience, they are heard together and disposed of by way of this common order. 2. The facts are brought at paras 2 to 2.2 of the order of the CIT(A) for the assessment year 2002-03. They are extracted hereunder for ready reference : 2. The appellant is a company incorporated in Mauritius. It was engaged in the business of telecasting of TV channels such as B4U Music, MCM etc. For the assessment year 2002-03, relevant to the previous year ended 31 March 2002, the appellant had filed its return of income declaring the total loss at Rs. 24,37,91,548 along with the tax audit report under section ....

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.... year 2003-04 and ITA Nos.3832 & 3843/Mum/2008 for asstt. year 2004-05. It was submitted by both the parties that the arguments are the same and the decisions taken by the Bench in those cases are applicable to the case on hand. 5. Rival contentions heard. 6. On a careful consideration of the facts and circumstances of the case and perusal of the papers on record and case law cited, we hold as follows.   7. ITA No.3829/Mum/2008 is the assessee's appeal filed for asstt. year 2001-02. 8. Ground no. 1 is general in nature. 9. Ground no. 2 is on the issue whether an order u/s. 201 can be passed beyond the period of 4 years from the end of the relevant financial year and hence is not within reasonable time and thus barred by ....

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....while disposing of ground no. 5 in ITA No.3326/Mum/2006 for asst. year 2002-03, we decide this issue in favour of the assessee. 14. Ground no. 7 is on the issue of deduction of tax on payments made to LMB Holdings Ltd. (Isle of Man). Consistent with the view taken by us while disposing of ground no. 6 for assessment year 2002-03 in ITA No.3326/Mum/2006, we decide this issue in favour of the assessee. 15. Ground no. 8 is on the levy of interest u/s.201(1A). Levy of interest is consequential and requires no separate adjudication. 16. In the result, the appeal of the assessee is allowed in part. 17. ITA No.4095/Mum/2008 is Revenue's appeal.   18. The sole ground is on the issue of deduction of tax at source on payments made....