2017 (3) TMI 1614

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....s only the following following questions of law for our consideration :- (1) Whether on the facts and circumstances of the case and in law, the Tribunal has erred in holding that the provisions of Section 40(a)(ia) of the Act was not applicable in this case even though the assessee has failed to withhold tax u/s 195 of the Act on the interest payment made to HQ/Overseas branches ? (2) Whether on the facts and circumstances of the case and in law, the Tribunal has erred in working out the disallowance without any basis without appreciating the fact that working of disallowance ought to have been carried out in accordance with Rule 8D of Income Tax Rules, 1962 ? (3) Whether on the facts and circumstances of the case and in law, the Tribuna....

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....rein also does not give rise to any substantial question of law. Thus not entertained. 4. Re: Question No. 2 : (a) It is an agreed position between the parties that for the subject assessment year the occasion to invoke Rule 8D of the Income Tax Rules, 1962 (Rules) would not rise. This is so in view of the decision of this Court in Godrej and Boyce Manufacturing Co. Ltd V. DCIT [328 ITR 81] holding that Rule 8D of the Rules will apply only for Assessment year 2008-09 onwards and not prior thereto. (b) In the above view question no.2 as proposed does not give rise to any substantial question of law. Thus not entertained. 5. Re: Question No. 3 : (a) Mr. Tejveer Singh, learned Counsel for the Revenue very fairly states that this issue sta....