2013 (8) TMI 1204

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....PAL RAO, JM This appeal by the Revenue is directed against the order dated 14.11.2011 of Commissioner of Income Tax (Appeals) for the assessment year 2008-09. 2. The Revenue has raised the following grounds in this appeal: "1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in holding that the underwriting commission and reimbursement of expenses received....

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.... within the definition of Fees for Technical Services (FTS) within the meaning of Income tax Act and hence is taxable in India. iv. The 'make available' component is present with the receipt as in terms of latest Rulings in Perfetti Van Melle Holding B.V. in AAR No. 869 of 2010 dated 09.12.2011, the expression 'make available' would mean that the recipient of the service should derive an ....

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....d we note that the assessee is a company incorporated under the laws of United Kingdom and operating as FII in India. The assessee also acts as lead manager and underwriter to the ADRs/GDRs issued by Indian companies abroad for raising capital. Since the assessee has undertaken investment banking transactions overseas in respect of which it had received certain amount from Indian companies, it was....

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....he Act. On appeal, the CIT(A) decided the issue in favour of the assessee by following the order of this Tribunal is assessee's own case in assessment year 2005-06. We note that for the assessment year 2005-06 the Tribunal has decided this issue in para 6 as under: "6. We have considered the rival submissions and perused the record as well as gone through the orders of the authorities bel....