section 90 of the income-tax act, 1961

Last updated: 25 September 2007

Court :
In the itat, mumbai bench ‘A’

Brief :
section 90 of the income-tax act, 1961, read with article 25 of the indo-korea dtaa - double taxation relief - where agreement exists - assessment years 1997-98 and 1998-99 - assessee-bank was based in korea - Assessing Officer rejected assessee's claim for benefit of non/discrimination clause of indo-Korea DTAA and taxed assessee’s income at rate of 48 per cent instead of 35 per cent as claimed - whether since incentive given to co-operative bank/society cannot be extended to foreign bank, assessee had rightly been taxed at rate of 48 per cent - Held, yes FACTS The assessee-bank was based in Korea. For the relevant assessment years, the Assessing Officer rejected the assessee’s claim for the benefit of non/discrimination clause of the indo-korea dTAA and taxed the assessee’s income at the rate of 48 per cent instead of 35 per cent as claimed. on appeal, the Commissioner (Appeals) upheld the impugned order. on second appeal :

Citation :
Chohung Bank v. Deputy commissioner of Income-tax, 1(2), Mumbai t. k. sharma, judicial member and v.v.s.n. murthy, accountant member it appeal nos. 6647 and 6648 (mum.) of 2002 [assessment years 1997-98 and 1998-99]