THE ADIT (IT)3(1), MUMBAI vs. M/S. J.P. MORGAN CASE BANK, MUMBAI

ITA 9157/MUM/2004Status: DisposedITAT Mumbai17 June 2026AY 2001-200219 pages
AI SummaryPartly Allowed

What were the facts?

The assessee and the revenue filed cross-appeals against the orders of the CIT(A) for assessment years 1997-98, 2000-01, and 2001-02. The issues involved were identical to those decided by a co-ordinate bench for AY 1999-2000.

What did the Tribunal hold?

The Tribunal held that interest received by the head office/overseas branches from the Indian branch is not taxable in India as it pertains to inter-se transactions of the same legal entity and does not meet the conditions of Section 9(1)(v)(c). Losses on revaluation of foreign exchange contracts and securities held as stock-in-trade were allowed as deductions.

What were the issues?

Whether interest received by the head office from the Indian branch is taxable in India, and whether mark-to-market losses on foreign exchange contracts and securities held as stock-in-trade are allowable deductions.

Which sections of the Income-tax Act were involved?

Section 9(1)(i),Section 9(1)(v)

AI-generated summary — verify with the full judgment below

INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, MUMBAI BENCH: I BEFORE HON’BLE BEENA PILLAI, JUDICIAL MEMBER AND HON’BLE BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER

ITA 5731, 1667 & 9190 /MUM/2004 िनधा"रण वष"/Assmt. Year: 1997-98, 2000-01, & 2001-02) Permanent Account Number: AAACT5545N THE ACIT CIR - 1(2)/Joint Director of M/S JP MORGAN CHASE Income-tax BANK (International-tax)-4, J.P.MORGAN TOWER, OFF Mumbai CST ROAD, KALINA. Vs. ACIT CIR-1(2), AAYAKAR SANTACRUZ EAST., MUMBAI- BHAVAN,. M.K.ROAD. 400098, MAHARASHTRA MUMBAI-400020, MAHARASHTRA (अपीलाथ" Appellant) (""थ" Respondent)

ITA 5653, 2530, 9157 /MUM/2004 िनधा"रण वष"/Assmt. Year: 1997-98, 2000-01 & 2001-02) Permanent Account Number: AAACT5545N M/S. J.P. MORGAN CHSE BANK THE ADIT (I.T) 3(1) J P MORGAN TOWER, OFF CST ROAD, KALINA. ADIT (INT.TAX)-3(1), MUMBAI- Vs. 400020, MAHARASHTRA SANTACRUZ EAST. MUMBAI-400098, MAHARASHTRA (""थ" Respondent) (अपीलाथ" Appellant)

Shri P.J. Pardiwala, Sr. िनधा"रती "ारा/Assessee Advocate/ Shri Nitesh represented by: Joshi, Advocate राज" व "ारा/Revenue represented Shri Krishna Kumar ( SR. by: DR.)

सुनवाई की तारीख / Date of conclusion of hearing: 13-April-2026 1

ITA 1576 & 1791/MUM/2004 M/S JP MORGAN

The order continues below.

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