Director Of Income Tax v. Cargill Financial Serv1Ces Asia Pvt L To

$-38 & 43 * IN THE HIGH COURT OF AT NEW DELHI + ITA 269/2012 + ITA 272/2012 DIRECTOR OF INCOME TAX ..... Appellant Through Mr. Oeepak Chopra, sr. standing counsel with Mr. Harpreet Singh Ajmani, Adv. ..... Appellant versus CARGILL FINANCIAL SERV1CES ASIA PVT L TO .... Respondent Through Mr. Kapoor with Mr. Vikas Jain, Advs. CORAM: HON'BLE MR. JUSTICE KHANNA HON'BLE MR. JUSTICE I I ORDER % 24.04.2012 These appeals have to be dlism:issed in view of the decision dated 1th February, 2011 in ITA Commissioner of Income Tax Vs. Cargill Global Tradiing Pvt. Ltd. (2011) 335 ITR 94 (Del.). ·Cargill Global Trading Pvt. Ltd. was the payer and the Assessing Officer had held that they were liable to deduct tax at source on the bill discounting which was treated and considered as interest paid. The High Court has not agree with the Revenue and has held that bill discountcannot be equated and treated as interest paid and therefore the tax at source was not liable to be deducted. The present appeals are di,ected against recipient Cargill Financial Services Asia Pvt Ltd. who had entered into the transaction/agreement with Cargill G'obal Trading Pvt. Ltd. The issue being identical and squarely covered by the decision of this Court in the case of Cargill Global Trading Pvt. Ltd. (supra), no substantial question of law arises and the appeals are dismissed. l 1-, { SANIJIV KHANNA, J APRIL 24, 2012 vld R.V.EASWAR, J