2009 (8) TMI 1199

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....ngaged in the business of carrying out dredging operations in India. The assessee company is a non-resident company. The return of income was filed declaring total income at ₹ 350,778,800/-. The original assessment was completed u/s. 143(3) at a total income of ₹ 35,51,47,147/-. Subsequently, a notice u/s 148 of the Income Tax Act 1961, (that Act) was issued followed by notice u/s 142(1). In response the assessee requested to treat the original return filed on 29.12.1999 as filed in response to noticed u/s 148 of the Act. The AO after considering the assessee's explanation on the issues, however, completed the assessment at an income of ₹ 45,71,26,466/- including disallowance of depreciation on exported/re-exported pla....

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....also not in dispute that the ld. CIT(A) while allowing the relief to the assessee has followed the Appellate order in assessee's own case for the AY. 1997-98 and 2000-01. We further find that against the order of the ld CIT(A), for the AY. 1997-98 the revenue has filed appeal before the Tribunal in JCIT vs. Hollandsche Aanneming Maatschappij BV wherein the Tribunal in ITA No. 3874/M/2000 for AY. 1997-98 Vide para 8 of its order dated 30.10.2006 has held as under: "8. We have considered the rival submissions, perused the materials on record and have gone through the orders of authorities below. We are in full agreement with ld. CIT(A) that the order of the AO on this issue cannot be supported. We find that a clear finding is given....

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...." In the absence of any contrary material brought on record by the revenue we respectfully following the above orders and keeping in view the consistency, decline to interfere with the orders passed by the ld CIT(A) and accordingly, the grounds taken by the revenue are rejected. 7. Ground No. 5 and 6 are against the levy of Interest under section 234B and 234C of the Act. 8. At the time of hearing both parties agreed that this issue is also covered in favour of the assessee by the recent decision of the Hon'ble Jurisdictional High Court in DIT(International Taxation) vs NGC Network Asia LLC (2009) 18 DTR (Bom) 203. 9. After hearing the rival parties and perusing the material available on record, we find merit in the plea of the....