TaxTMI 
TaxTMI 
2025 (2) TMI 186
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....sment Year (AY) 2017-18, 2018- 19 & 2019-20. 2. The assessee is a non-resident deriving income majorly from investments made in Indian Portfolio Companies and Mutual Funds in the form of interest, dividend income and Capital Gains on sale of investments. The assessee filed the return of income for the impugned AYs as per details given below: AY Date of filing of return of income Income returned 2017-18 31.01.2018 Rs. 2,64,46,250/- 2018-19 31.08.2018 Rs. 18,58,49,430/- 2019-20 31.08.2019 Rs. 68,13,970/- 3. The assessee has entered into a Business Association Agreement (BAA) dated 14.05.2006 with Mr. Niranjan Hiranandani along with Mr. Darshan Hiranandani. The BAA laid down that the parties intent to jointly enter the business o....
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....st Income - Rs. 2017-18 Actual interest on FD created with Central Bank of India (13 February 2017 to 31 March 2017) 2,61,67,896 2018-19 Actual interest on FD created with Central Bank of India (1 April 2017 to 31 March 2018) 18,47,51,359 2019-20 Actual interest on FD created with Central Bank of India (1 April 2018 to 18 March 2019) 18,58,30,161 2019-20 Pre-High Court Order Interest (17 August 2016 to 17 November 2016) 6,46,00,000 2019-20 Interest on amount lying with Prothonotary (17 November 2016 to 18 March 2019) 4,10,63,693 2019-20 Principal damages plus pre-award interest, net of tax, if any 4,40,56,45,664 4. The assessee did not offer the above tabulated amount to tax for the reason that the amount received are in ....
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....sessee and the revenue are in appeal before the Tribunal against the order of the CIT(A) contending the following issues - i. The appeal filed by the revenue for AY 2017-18 pertains to interest income added by the AO to the tune of Rs. 2,61,67,896/- which the CIT(A) has held as taxable in the year 2019-20. ii. The revenue's appeal for AY 2018-19 pertains to the FD interest of Rs. 18,47,51,359/- added by the AO as income which the CIT(A) has held to be the income of AY 2019-20. iii. The appeal by the revenue for AY 2019-20 is with regard to the CIT(A) holding the principal damages plus pre-award interest to the tune of Rs. 440,56,45,664/- as capital receipt not taxable in the hands of the assessee. iv. The assessee's appeal f....
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....the material on record. The assessee disputed the addition made by the AO Principal damages plus pre-award interest amounting to Rs. 4,40,56,45,664 and interest totalling to Rs. 50,24,13,109/- across AYs 2017-18, 2018-19 & 2019-20. The CIT(A) deleted the addition made towards Principal damages plus pre-award interest and held that the entire interest is taxable in the year 2019-20. We notice that the assessee has filed Form-1 under DTVSV and Form-2 determining the tax paid / payable by the assessee is already issued for AY 2019-20. The relevant Form 2 towards discharge of taxes on both Principal damages plus pre-award interest of Rs. 4,40,56,45,664 and the interest of Rs. 50,24,13,109 is extracted below - 8. From the combined perusal of th....
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....ter the said arguments submitted that the time line for determining the tax payable by the authorities has expired as per section 92(1) of DTVSV and therefore the Form-1 filed is automatically become not accepted. 10. We notice that as per the provisions of section 92(1) of DTVSV as extracted below the time line for the designated authority is 15 days for determining the tax payable on the amount declared by the assessee under DTVSV - Time and manner of payment. 92. (1) The designated authority shall, within a period of fifteen days from the 40 date of receipt of the declaration, by order, determine the amount payable by the declarant in accordance with the provisions of this Scheme and grant a certificate to the declarant containing p....