STANDARD CHARTERED BANK vs. DDIT, CIRCLE-2(2),

ITA 2239/DEL/2006Status: DisposedITAT Delhi02 March 2021AY 2000-200122 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal decided that some issues were covered by earlier orders and were to be set aside to the Assessing Officer for re-adjudication. For other issues, the Tribunal upheld the CIT(A)'s order or partly allowed the appeal by restricting the disallowance.

What were the facts?

The assessee, Standard Chartered Grindlays Ltd., filed appeals against the disallowance of certain expenses, including NRI expenses, indirect expenses on foreign currency loans, and managerial/administrative expenses. The revenue also filed cross-appeals on similar grounds.

What were the issues?

The key issues involved the allowability of expenses incurred on NRI deposits, indirect expenses related to foreign currency loans, and managerial/administrative expenses for earning dividend income.

Which sections of the Income-tax Act were involved?

Section 115A,Section 10(33),Section 36(1)(viia)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘B’: NEW DELHI

For Appellant: Ms. Shashi M. Kapil, Adv
For Respondent: DR Sh. Bhagwati, Charan, Sr. DR
Hearing: 04.12.2020Pronounced: 02.03.2021

Heard together (2 matters)

ITA No.2239/Del/2006
ITA No.2382/Del/2006

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

PER SUDHANSHU SRIVASTAVA, JM: The above captioned cross appeals filed by the assessee and the revenue pertain to Assessment Years (AY) 1999-

2000 and 2000-2001 and as the issues involved in both the appeals

are common

The order continues below.

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