2024 (8) TMI 1431

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....llant Mr. Nishant Thakkar a/w Ms Jasmin Amalsadvala i/b Lumiere Law Partners for Respondent ORDER P. C. 1. The following questions of law are proposed: "1. Whether on facts and circumstances of the case and in law, the Hon. ITAT has erred in holding that the Royalty agreement dated 01.04.2008 is a new agreement and not an extension of the License and Technical Assistance agree....

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....ome Tax Act 1961 (the Act) was passed on 09th January 2015 and no adjustment was made to the value of international transactions of the assessee. Various issues came up for consideration but the appeal is restricted to the application of tax under Section 115A of the Act. The assessee and its AEs had entered into an agreement dated 26th March 1998 valid for a period of 10 years. The parties entere....

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.... The DRP, on this issue simply said the action of the AO is found proper and hence needs no interference. No independent findings were given. 3. Appellant carried the matter to the Income Tax Appellate Tribunal (ITAT), which, by its order and judgment pronounced on 21st March 2017, accepted the submissions of the assessee that the agreement dated 1st April 2008 was a separate and independent ag....

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....n view of the extended license provided also launched Ape city diesel of three wheelers under Ape brand which was different from Ape 501 and Ape 601 brands, which it could not have done under the old agreement. The ITAT also observed that the territory which was covered under the old agreement was different from the territory that was covered under the new agreement and so on. 5. In view of the....