The petitioner, Prashant Mohta, was a partner in the respondent no. 3 partnership firm, Ultra Carbon Industries, until his retirement on September 17, 2022.
Issue: Whether the interest received by the Indian Permanent Establishment (PE) on deposits maintained with the Head Office/Overseas Branch is taxable in India.
Case: Ayodhya Rami Reddy Alla v. Principal Commissioner of Income-tax, [2024] 163 taxmann.com 277 (High Court of Telangana, June 7, 2024).
The Assessee filed its return of income for the Assessment Year 2012-13 declaring income of Rs. 20,555,090/-.