2022 (3) TMI 654

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....er, as evident from the rectification petition, is as follows:- The common order is passed by Hon'ble ITAT vide no. ITA No.6077/Mum/2018 dated 25.02.2021 for A.Y.2014-15. This Miscellaneous application is being filed on the following grounds: ITA No.6077/Mum/2018 for A.Y. 2014-15 1. "On the facts and circumstances of the case and in law, the Hon'ble ITAT was not justified in quashing the draft assessment order passed by the AO u/s. 143(3) r.w.s. 144C(1) of the IT. Act without appreciating the fact that even as per section 143(3) of the I.T. Act, the AO shall, by an order in writing, make an assessment of the total income or loss of the assessee and determine the sum payable by him on the basis of ....

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....ties Private Limited (Krona). During the financial year ending 31 March 2014, the assessee received interest amounting to Rs. 8,74,22,137 on these CCDs. The assessee offered the amount to tax @10% claiming benefit of the beneficial provisions of the Article 11(2) of the India-Cyprus DTAA (hereinafter "the treaty"), treating itself the beneficial owner of the interest. The AO passed the draft order dated 11.12.2017, wherein he rejected the claim of the assessee that its was eligible to the beneficial provisions of the treaty. He concluded that the assessee was merely a conduit for funds invested in India through it and cannot be termed as a beneficial owner of the interest received. He proceeded to tax the amount under Indian Income....