IT Appeal No. 9302 (Mum) of 2025 | Assessment Year 2017-18 | Decided: 26 March 2026 Underwriting commission received by a UK-resident entity from Indian companies for ADR/GDR issues constitutes consideration for assuming financial risk, not for rendering technical or consultancy services and therefore cannot be taxed in India as Fees for Technical Services under Section 9(1)(vii) of the Income-tax Act, 1961 or as Fees for Included Services under Article 13 of the India-UK DTA

Case Law Update I N THE HIGH COURT OF DELHI Hyatt International-Southwest Asia Ltd. (Appellant) v. Additional Director of Income-tax (Respondent) Judgement Delivered On - December 22, 2023, Order Released On - January 3, 2024 Advocates who appeared in this case: For the Appellant : Mr S. Ganesh, Senior Advocate with Mr U.A. Rana and Mr Himanshu Mehta, Advocates. For the Respondent : Mr Sanjay Kumar, Senior Standing Counsel for Revenue with Ms Easha Kadian, Advocate Synopsis T