point at issue
is whether the expenditure incurred in connection with issue of GDR is an
allowable under section ... present case. The ld.
CIT(A) further found that the GDR issue was made for raising the working
capital funds and its claim under section
argued that in respect of the
GDR issue, the expenses were incurred for the issue of GDR are covered ... vetting of the documents for public issue and professional charges for the issue of
GDR, BSE approval for investment for offer documents booked under expenses
opened accounts with Euram Bank for the purpose of
crediting the GDR issue proceeds in their respective
accounts with Euram Bank and each ... loan from Euram Bank and
the six Issuer Companies credited the GDR issue
proceeds to their respective accounts with Euram
Bank and pledged their accounts
5598/Mum/2016
commission etc. in respect of GDR issue was not income by way of fees for
technical services because although the lead managers ... rendered
technical, managerial or consultancy services for bringing out the GDR issue,
such services are not made available to the assessee in as much
Assessing Officer by
treating the exchange gain on repatriation of GDR issue proceeds of Rs.
1655518946/- as revenue in nature without appreciating the fact that ... GDR issue
was utilized by the assessee company as circulating capital, which is a
circulating commodity for the banking company.
b) On the facts
issue of Global Depository
Receipts for which they are entitled for remuneration. The Tribunal found
that the services of the managers for issue of Global ... outside India, the service of managers are enjoyed. The decision to
issue GDR was taken by Indian company without any assistance from
managers
said company has written off GDR issue expenses of Rs.10,10,431 and paid
salary and wages
that services rendered by a UK lead
manager in managing a GDR issue does not make available any technical
knowledge, skill, experience, etc. The Tribunal
Representative has been offered opportunities by the AO to
clarify the above issues in various hearings conducted on 21.01.2013,
07.02.2013 and also on 12.03.2013. During ... parties name also appear in the SEBl investigation report
relating to GDR issue. From this AO observed that income tax paid for
dividend is matching
said company has written off GDR issue
expenses 01 Rs. 10,10,43 and paid salary and
wages
