2024 (2) TMI 537

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....he facts and circumstances of the case and in law, Appellant respectfully craves leave to prefer an appeal against the order passed by Assistant Commissioner of Income Tax, Circle INT. TAX. 2(1)(1) -- New Delhi ("the learned AO"), under section 143(3) r.w.s 144C(13) of Income-tax Act, 1961 ('the Act') in pursuance to directions issued by the Dispute Resolution Panel - 1 New Delhi ("the DRP") on the following grounds: Ground No. 1-Ground of appeal pertaining to favorable benefit of lower tax rate of 5% to dividend income 1.1 On the facts and in circumstances of the case and in law, the learned AO in pursuance to directions issued by Ld. DRP has erred in law in denying benefit of lower tax rate of 5% on dividend inco....

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....as against computing tax at 10% as held in the assessment order as per Article 13 of the DTAA of India- Netherlands. Ground No. 3 - Levy of interest under section 234B and section 234C of the Act 3. On the facts and in circumstances of the case and law, the learned AO has ered in charging interest under section 234A and 234B of the Act. Ground No. 4 - Initiating penalty proceedings under section 270A of the Act 4. On the facts and in circumstances of the case and law, the learned AO has erred in initiating penalty under section 270A of the Act when returned income and assessed income of the Appellant has remained the same. The appellant craves the leave to add, amend, alter and/or delete all or a....

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.... assessee from the Indian entity, Huhtamaki India Limited be chargeable to tax @10% as per the India-Netherlands DTAA. Upon assessee's objection the Ld. DRP upheld the AO's order. 3. Against the above order of the AO, Assessee is in appeal before us. We have heard both the parties and perused the records. 4. As regards Ground No. 1 is concerned, at the time of hearing, Ld. AR conceded that Ground No.1 is in favour of the Revenue because without a separate notification, applicability of the MFN clause and benefit of restricted scope of source taxation in relation to the income on Dividend cannot be allowed to the assessee. As there is no specific notification for the applicability of the MFN benefits into the India Netherlands DTAA. Ld....