BANK OF NOVA SCOTIA,MUMBAI vs. ADDL DIT (IT) RG 3, MUMBAI

ITA 4980/MUM/2017Status: DisposedITAT Mumbai29 January 2024AY 2009-1027 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal decided that the disallowance of expenditure for earning exempt income was not warranted, following its own previous decisions. It also held that interest paid by the Indian branch to its head office was deductible, again relying on prior rulings.

What were the facts?

The Bank of Nova Scotia, a Canadian bank operating in India, filed appeals against various orders concerning its tax assessments for multiple assessment years. The appeals involved issues related to disallowance of expenses, transfer pricing adjustments, and taxation of interest income.

What were the issues?

The key issues were the applicability of Section 14A for disallowance of expenses related to exempt income and the deductibility of interest paid by the Indian branch to its head office under the DTAA.

Which sections of the Income-tax Act were involved?

Section 14A,Section 115A,Section 92C

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Cases cited in this judgment(2)Show list

Detected automatically from the text. The count shows how many other judgments on BharatTax rely on the same authority.

  • 208 ITR 8
    208 ITR 8
    7 citing
  • 229 ITR 44
    229 ITR 44
    7 citing

Heard together (8 matters)

ITA No.4941/Mum/2007
ITA No.8841/Mum/2010
ITA No.5740/Mum/2011
ITA No.4036/Mum/2012
ITA No.4980/Mum/2017
ITA No.5634/Mum/2011
ITA.No.3989/Mum/2012
ITA No.3828/Mum/2013

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

Page 1 11 Appeals “I” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No.8841/Mum/2010 Mumbai – 400 020 Income Tax (IT) -3(2)

Scindia House Ballard Pier Mumbai 400 038 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB1536H Appellant Respondent IT(TP)A. No.3862/Mum/2013 The Bank of Nova Scotia Mittal Towers, B Wing Nariman Point Mumbai – 400 020 Vs. Additional Director of Income Tax (IT) -3 Air India Building Nariman Point Mumbai 400 021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No:AAACB1536H Appellant Respondent ITA.No.3989/Mum/2012 Deputy Director of Income Vs. M/s The Bank of Nova Tax (IT) -3(2)

Scindia House Ballard Pier, N. M. Road Mumbai 400 038 Scotia, Mittal Towers, B Wing, Nariman Point Mumbai 400 021 Page 2 11 Appeals The Bank of Novascotia Vs. ADIT(IT) 3(2

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