THE DY DIT (I.T) 3(2), MUMBAI vs. M/S. BANK OF AMERICA, MUMBAI

ITA 9162/MUM/2004Status: DisposedITAT Mumbai22 July 2026AY 1999-200025 pages
AI SummaryPartly Allowed

What were the facts?

The assessee, Bank of America, a foreign company, appealed against disallowances and additions made by the AO. The revenue also appealed against certain deletions made by the CIT(A). The core issues involved expenses incurred for Indian branches, interest payments, and TDS on overseas branch interest.

What did the Tribunal hold?

The Tribunal partly allowed the assessee's appeal and partly allowed the revenue's appeal. Certain additional grounds raised by the assessee were allowed in its favour, while other grounds were decided in line with previous rulings or set aside for fresh adjudication.

What were the issues?

Whether expenses incurred for Indian branches are deductible under Section 37(1) or covered by Section 44C, and the taxability of interest paid to overseas branches.

Which sections of the Income-tax Act were involved?

Section 37(1),Section 44C,Section 10(15),Section 10(23G),Section 36(1)(viia),Section 143(3),Section 40(a)(i),Section 195,Section 9(v)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “I” BENCH, MUMBAI

Before: SMT. BEENA PILLAI, JM & SHRI ARUN KHODPIA, AM

Hearing: 22.07.2026

Heard together (4 matters)

I.T.A. No.8681/Mum/2004
I.T.A. No.2284/Mum/2005
I.T.A. No. 9162/Mum/2004
I.T.A. No.2283/Mum/2005

Read from the judgment's own cause title. This page is filed under one of them.

Per Arun Khodpia, AM: The aforesaid cross-appealsarefiled by the assesseeand the revenue to assail the order of the Commissioner of Income Tax

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 37(1)

All 6,940 judgments and leading authorities on Section 37(1) →

Recent GST High Court judgments

Search GST case law →