By Ajay R. Singh, Advocate
2 Hapag Lloyd India Pvt. Ltd. vs. Principal Commissioner of Income-Tax, Mumbai – 5;
[W.P. No. 2322 of 2021;
Date of order: 9th February, 2022
(Bombay High Court)]
S. 264 – Revision – Maintainability – Error / Mistake committed by assessee – Application maintainableThe Petitioner is a private limited company. It is a successor of United Arab Shipping Agency India Company Pvt. Limited (‘UASAC’), which amalgamated with the Petitioner with effect from 1st April, 2019, pursuant to an order by National Company Law Tribunal. The UASAC, the predecessor company, had distributed a dividend of Rs. 10,16,75,641 to its holding company, United Arab Shipping Company Limited, a company incorporated under the laws of Kuwait. The UASAC paid Dividend Distributed Tax (‘DDT’) at 16.91% (including surcharge and cess), aggregating to Rs. 2,06,99,127. A return of income for A.Y. 2016 – 2017 was filed by UASAC on 30th November, 2016. A revised return of income was filed on 23rd December, 2016.
In the original as well as revised return, the benefit of Article 10 of India – Kuwait DTAA was, however, not claimed. Under the said article, the dividend distributed during F.Y. 2015–2016, was taxable at 10%. The Petitioner was, thus, entitled to a refund of Rs. 84,61,650, being the excess tax paid. The Petitioner thus preferred an application u/s 264 of the Act before Pr.CIT / Respondent no. 1.
By the impugned order,
