Supreme Court - Daily Orders
The Principal Commissioner Of Income ... vs Vedanta Ltd. on 12 September, 2022
Bench: M.R. Shah, Krishna Murari
1
ITEM NO.38 COURT NO.8 SECTION IX
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for Special Leave to Appeal (C) No(s). 16977/2018
(Arising out of impugned final judgment and order dated 16-08-2017
in TA No. 68/2016 passed by the High Court Of Judicature At Bombay
At Goa)
THE PRINCIPAL COMMISSIONER OF INCOME TAX Petitioner(s)
VERSUS
VEDANTA LTD. Respondent(s)
WITH
SLP(C) No. 14014/2019 (XIV)
IA No. 27322/2019 - EXEMPTION FROM FILING C/C OF THE IMPUGNED
JUDGMENT)
SLP(C) No. 9220/2019 (XIV)
(FOR ADMISSION and I.R. and IA No.34657/2019-CONDONATION OF DELAY
IN FILING)
Date : 12-09-2022 These petitions were called on for hearing today.
CORAM : HON'BLE MR. JUSTICE M.R. SHAH
HON'BLE MR. JUSTICE KRISHNA MURARI
For Petitioner(s) Mr. N. Venkataraman, ASG
Ms. Swati Ghildiyal, Adv.
Mr. Rupesh Kumar, Adv.
Mr. Rajat Nair, Adv.
Mr. Vikrant Yadav, Adv.
Mr. Raj Bahadur Yadav, AOR
For Respondent(s) Mr. Ajay Vohra, Sr. Adv.
Ms. Kavita Jha, AOR
Mr. Himanshu Aggarwal, adv.
Mr. Sachit Jolly, Adv.
Ms. Anuradha Dutt, Adv.
Mr. Rohit Garg, Adv.
Ms. Disha Jham, Adv.
Signature Not Verified
Mr. Sohum Dua, Adv.
Ms. B. Vijayalakshmi Menon, AOR
Digitally signed by
SNEHA
Date: 2022.09.16
17:45:19 IST
Reason:
UPON hearing the counsel the Court made the following
O R D E R
2 SLP (C) 16977/2018:
Feeling aggrieved and dissatisfied with the impugned judgment and order dated 16.08.2017 passed by the High Court of Bombay at Goa in Tax Appeal No. 68 of 2016, by which the High Court has dismissed the said Appeal preferred by the Revenue and has concurred with the decision of the Income Tax Appellate Tribunal [ITAT], the Revenue has preferred the present Special Leave Petition.
We have gone through the judgment and order passed by the ITAT as well as the impugned judgment and order passed by the High Court.
It appears that both the issues raised before the High Court were held against the Revenue with respect to the earlier assessment years – 2005-2006 & 2009-2010. The matter has not been carried further by the Revenue.
In that view of the matter, no error has been committed by the ITAT and/or even the High Court.
Hence, the present Special Leave Petition stands dismissed. SLP (C) 14014/2019 & SLP (C) 9220/2019:
Delay, if any, is condoned.
In both the Special Leave Petitions which relate to the assessment years 2009-1010 and 2010-2011, the following questions arose, namely: (i) losses due to foreign exchange fluctuation on the export proceeds; (ii) the advance of interest-free loans to the related party and lastly (iii) with respect to non-deduction of TDS on account of export commission.
Insofar as the first issue, namely, losses due to foreign 3 exchange fluctuation on the export proceeds is concerned, the issue is covered by the decision of this Court in the case of CIT vs. Woodward Governor India (P) Ltd. vs. (2009) 312 ITR 254 (SC). Mr. N. Venkatraman, learned ASG, is not in a position to dispute the above. Under the circumstances, it cannot be said that the High Court has committed any error in holding the said issue against the Revenue relying upon the decision in the case of Woodward Governor India (P) Ltd. (supra). Now, so far as the issue with respect to advance of interest-free loans to the related party is concerned, as the amount involved is Rs.6,00,000/- only, keeping the question of law, if any, open, we dismiss the present Special Leave Petition(s) qua the said issue.
Now, insofar as the third issue with respect to the non- deduction of TDS payment on account of export commission is concerned, it is required to be noted that there are concurrent findings recorded that the foreign entity receiving the amounts were not Indian residents and subject to tax and that the services rendered were rendered outside India, neither the ITAT nor the High Court have committed any error in holding the said issue against the Revenue.
In view of the above, the present Special Leave Petitions stand dismissed with the above observation.
Pending applications stand disposed of.
(R. NATARAJAN) (NISHA TRIPATHI) ASTT. REGISTRAR-cum-PS ASSISTANT REGISTRAR