TaxTMI 
TaxTMI 
2025 (12) TMI 1714
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....nces of the case and in law, the Hon'ble CIT(A) erred in holding that the non-resident assessee is entitled for the lower rate of taxation u/s 112(1)?" 2. "Whether on the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) erred in not relying on the decision of the ITAT, Mumbai in the case of BASF Aktiengesellchaft v/s DDIT(293 ITR AT 001), wherein the ITAT has discussed and analysed in detail the issue involved?" 3. The assessee is engaged in the business of manufacturing and marketing of high-quality animal feeds, innovative agriculture inputs and vegetable oil and allied products. During the financial year 2015-2016, the assessee acquired equity shares of Creamline Dairy Products Ltd, an unliste....
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.... Ld. DR submitted that the assessee has deducted TDS on the remittances at different rates. It has deducted @23.072% on remittances at Sr. No. 2 & Sr. No. 7 and on the remaining all nine remittances it has deducted TDS @ 11.54%. The assessee has not been able to justify the rate of 11.54% adopted by the assessee. The DR pointed out that for the rate of 10% as prescribed in Section 112(1)(c)(iii) of the Act, the first and second proviso to Section 48 are not considered. Further, the Ld. DR submitted that the assessee did not able to justify the said TDS rate adopted by it in respect of the said nine transactions. The assessee has provided evidence of deposit of TDS in respect of only six remittances namely transaction at Sr. No. 3, 4, 6, 7, ....
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....nd to re-compute these TDS raised demands in respect of eight remittances to the shareholders of Creamline Dairy Products Ltd. and one shareholder of Astec Lifesciences Ltd. are uncalled for and totally against provisions of Income Tax Act. 6. The Ld.AR submitted that the assessee has furnished confirmation letter from Tripuraneni Krishna confirming that there was only transaction was entered into that the assessee that of sale of Rs. 70,600/- equity shares at sale price of Rs. 457 per share and which was produce before the CIT(A) on which the Assessing Officer has give its remand report. The Ld.AR further submitted the bank statement of Kotak Mahindra Account held by assessee-company for the month of December 2015 reflects the payment m....
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.... deducted at the time of payment and there was no further comment that the TDS deducted was not justify in the remand report. Thus, the Ld.AR submitted that the CIT(A) has rightly taken stand and directed the Assessing Officer for verification in accordance with the provision of law and to re-compute the TDS raised demand in respect of 8 remittances to the share holders of Creameline Dairy Products Ltd. and one shareholder of Astec Lifesciences Ltd. This corrigendum has categorically given the details and accordingly the Ld.AR relied upon the order of CIT(A) dated 27.12.2024 and the corrigendum dated 06.01.2025. The Ld. AR also relied on various judicial precedents as follows: i. BASF AKTIENGESELLSCHAFT Vs. DDIT(IT) 293 ITR(AT) I (....
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....and exclusively in connection with such transfer and the full value of the consideration received or accruing as a result of the transfer of capital asset into the same foreign currency as was initially utilized for the purchase of shares or debentures, and the capital gains so computed in such foreign currency shall be reconverted into Indian currency, so, however, that the aforesaid manner of computation of capital gains shall accruing or arising from the transfer of shares in any Indian company. Refer to the first proviso the provisions of clause (ii) shall have effect as if for the words "cost of acquisition" and "cost of any improvement", the words "indexed cost of acquisition" and "indexed cost of any improvement" had respectively bee....