TaxTMI 
TaxTMI 
2020 (11) TMI 1032
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..../144C for the Assessment Year 2013-14. In the Revenue's appeal, following grounds have been raised:- 1. On the facts and in the circumstances of the case, whether the Ld. CIT(A) erred holding that only 20% of the gross trading profit out of the operations in India, was attributable to the permanent Establishment of Mitsui & Co. Ltd. ("Assessee") in India as against 50% as was determined by the Assessing Officer. 2. On the facts and in the circumstances of the case, whether the Ld. CIT(A) erred in allowing deduction of commission to the Permanent Establishment of the assessee at Rs. 1,32,13,29,525/- as against Rs. 35.30.09,057/- which was determined by the Assessing Officer." Whereas in the Cross Objection, assessee has ....
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....etwork Maintenance Service Fees. (ii) That the addition has been confirmed despite the fact that the said income appearing in Form 26AS is not taxable in the hands of the assessee. 7. (i) On the facts and circumstances of the case, the learned CIT(A) has erred in confirming the addition of Rs. 5,24,118/- made by the AO on account of Usance Interest on LC from Shri Ram Pistons and Rings Ltd. (ii) That the addition has been confirmed despite the fact that the said income appearing in Form 26AS is not taxable in the hands of the assessee. 8. (i) On the facts and circumstances of the case, the learned CIT(A) has erred in confirming the addition of Rs. 5,57,215/- made by the AO on account of Usance Interest on....
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.... worked out profit of INR 80,86,39,545/- @ 2.04%, based on the "non Consolidated Balance Sheet" of Mitsui & Cop Japan when applied on the total trading turnover in India, of (INR) 39,639,193,403/-. The 50% of such profits i.e. Rs. 40,43,19,773/- was attributed on total trading turnover in India by the AO. By applying profit, attributable rate of 20% on the total trading T.O, in India the profit on Indian operation shall come to Rs. 16,17,27,909/- as against Rs. 40,43,19,773/- computed by the AO. 5.11 Further M/s. Mitsui India Pvt. Ltd. has been paid a commission of Rs. 132,13,29,595/- on the total sale. The AO has restricted this commission to Rs. 35,30,09,057/- by applying percentage at 0.8905556%. In the year under ....
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....sment Years 2005-06 to 2008-09 and 2010-11, wherein ITAT has consistently held that MIPL is not a DAPE of assessee company. The Assessing Officer has followed the earlier year order wherein Mitsui India Pvt. Ltd. has been held to DAPE of the assessee-company and has attributed 50% of the gross trading profits of MIPL as income of the assessee-company and the commission paid by the assessee to MIPL was registered @ 0.8905556% of the total sale. The Ld. CIT (A) has though uphold the action of the Assessing Officer that the MIPL is a DAPE but has attributed only 20% of the gross trading profit of MIPL. Ld. CIT(A) further held that commission paid by the assessee-company to MIPL have been accepted at Arm's Length Price to the TPO that no discou....