M/S. STANDARD CHARTERED BANK,MUMBAI vs. THE ACIT (IT)1(3), MUMBAI

ITA 803/MUM/2009Status: DisposedITAT Mumbai27 September 2022AY 1999-200044 pages
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What did the Tribunal hold?

The Tribunal held that expenses incurred wholly for the purpose of the assessee's business in India, even if incurred outside India, are allowable under Section 37(1) and not restricted by Section 44C. It also confirmed the CIT(A)'s deletion of disallowances related to refurbishment and software development, and found that Section 115JA was not applicable in light of DTAA provisions.

What were the facts?

The assessee, Standard Chartered Bank, filed an appeal against the CIT(A)'s order concerning various disallowances and taxability issues for AY 1999-2000. The revenue also filed a cross-appeal. Key issues included disallowance of expenses related to tax-free income, refurbishment, software development, head office expenditure, and the applicability of Section 115JA.

What were the issues?

The primary issues were the allowability of head office expenses, the treatment of refurbishment and software development costs, and the applicability of Section 115JA in the context of DTAA provisions.

Which sections of the Income-tax Act were involved?

Section 14A,Section 115JA,Section 90,Section 44C,Section 37(1)

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Income Tax Appellate Tribunal, “I” BENCH, MUMBAI

Before: SHRI AMIT SHUKLA, HONBLE & SHRI S. RIFAUR RAHMAN, HONBLEShri P.J. Pardiwala & Shri Fenil Bhatt Shri Soumendu Kumar Dash

For Appellant: Shri Fenil Bhatt, Shri Soumendu Kumar Dash
Hearing: 20.07.2022Pronounced: 27.09.2022

PER S. RIFAUR RAHMAN (AM)

1.

These cross appeals are filed by the assessee and revenue against order of the Learned Commissioner of Income Tax (Appeals)-XXXI, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 26.11.2008 for the A.Y.1999-2000. 2. First we take up the appeal of the assessee in ITA.No. 803/Mum/2004 for adjudication.

The order continues below.

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