245 (Bom) (iv)British Bank of Middle East v. JCIT

4 SOT 122Income Tax Appellate Tribunal2005#12751 most cited
8

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2023.

Judgments citing 245 (Bom) (iv)British Bank of Middle East v. JCIT

ADIT (I.T)-3(2), Mumbai vs. M/S. the Bank of Nova Scotia, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 651/MUM/2007[2002-2003]Status: DisposedITAT Mumbai21 Apr 2023AY 2002-2003

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.6818/मुं/2006 ("न.व. 2002-03) The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ...... अपीलाथ"/Appellant बनाम Vs. Deputy Director Of Income Tax (International Taxation)-3(2), Scindia House, Ballard Pier, Mumbai 400 038. ..... ""तवाद"/Respondent आअसं.651/मुं/2007 ("न.व. 2002-03) Adit(It)-3(2),Mumbai R. No.132, 1St Floor, N.M.Road, Mumbai – 400 038. ...... अपीलाथ"/Appellant बनाम Vs. The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ..... ""तवाद"/Respondent

For Appellant: Shri Nishant Thakkar with Ms. Jasmin AmasadvalaFor Respondent: Shri Soumendu Kumar Dash
Section 14ASection 36(1)(vii)Section 40Section 44C

…in support there of: (i) PCIT vs. Bank of Mitsubishi UFJ Ltd.ITA 604/2015(Del) (ii) CIT vs. Emirates Commercial Bank, 262 ITR 55 (Bom) (iii) ADIT vs. Hongkong Shanghai Banking Corporation, 113 taxamann.com 245 (Bom) (iv)British Bank of Middle East vs. JCIT, 4 SOT 122 (Mum) 13 ITA NO.651/MUM/2007(A.Y.2002-03) 11.2 On the other hand, the ld. Departmental Representative strongly defended the assessment order. The ld. Departmental Representative submits that undoubtedly the head office paid salary expenses of expatriate employees and no debit note was raised on the assessee for the settlement of account. The ld.…

M/S. the Bank of Nova Scotia, Mumbai vs. DDIT (I.T) - 3(20, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 6818/MUM/2006[2002-2003]Status: DisposedITAT Mumbai21 Apr 2023AY 2002-2003

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.6818/मुं/2006 ("न.व. 2002-03) The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ...... अपीलाथ"/Appellant बनाम Vs. Deputy Director Of Income Tax (International Taxation)-3(2), Scindia House, Ballard Pier, Mumbai 400 038. ..... ""तवाद"/Respondent आअसं.651/मुं/2007 ("न.व. 2002-03) Adit(It)-3(2),Mumbai R. No.132, 1St Floor, N.M.Road, Mumbai – 400 038. ...... अपीलाथ"/Appellant बनाम Vs. The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ..... ""तवाद"/Respondent

For Appellant: Shri Nishant Thakkar with Ms. Jasmin AmasadvalaFor Respondent: Shri Soumendu Kumar Dash
Section 14ASection 36(1)(vii)Section 40Section 44C

…in support there of: (i) PCIT vs. Bank of Mitsubishi UFJ Ltd.ITA 604/2015(Del) (ii) CIT vs. Emirates Commercial Bank, 262 ITR 55 (Bom) (iii) ADIT vs. Hongkong Shanghai Banking Corporation, 113 taxamann.com 245 (Bom) (iv)British Bank of Middle East vs. JCIT, 4 SOT 122 (Mum) 13 ITA NO.651/MUM/2007(A.Y.2002-03) 11.2 On the other hand, the ld. Departmental Representative strongly defended the assessment order. The ld. Departmental Representative submits that undoubtedly the head office paid salary expenses of expatriate employees and no debit note was raised on the assessee for the settlement of account. The ld.…

Saf Yeast Co. P.Ltd., Mumba vs. ACIT CC-7(1), Mumbai

Accordingly, ground No. 1 & 2 raised by the assessee is allowed

ITA 1800/MUM/2020[2013-14]Status: DisposedITAT Mumbai25 Oct 2021AY 2013-14

Bench: Shri S. Rifaur Rahman () & Shri Pavan Kumar Gadale () Assessment Year: 2013-14 Deputy Commissioner Of Income M/S Saf Yeast Co. Pvt. Ltd., Tax Cc-7(1), Vs. 419, Swastik Chambers, Room No. 653, Aayakar Bhavan, Chembur, M.K. Road, Mumbai-400071. Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2013-14 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2014-15 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent

For Respondent: Mr. Hemant Chimanlal Leuwa, DR
Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI S. RIFAUR RAHMAN (ACCOUNTANT MEMBER) AND SHRI PAVAN KUMAR GADALE (JUDICIAL MEMBER) Assessment Year: 2013-14 Deputy Commissioner of Income M/s Saf Yeast Co. Pvt. Ltd., Tax CC-7(1), Vs. 419, Swastik Chambers, Room No. 653, Aayakar Bhavan, Chembur, M.K. Road, Mumbai-400071. Mumbai-400020. PAN No. AADCS 9080 J Appellant Respondent Assessment Year: 2013-14 M/s Saf Yeast Co. Pvt. Ltd., Deputy Commissioner of Income 419, Swastik Chambers, Chembur, Vs. Tax CC-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. PAN No. AADCS…

Dy CIT - CC- 7(1), Mumbai vs. M/S. Saf Yeast Co.Pvt. Ltd., Mumbai

Accordingly, ground No. 1 & 2 raised by the assessee is allowed

ITA 1714/MUM/2020[2013-14]Status: DisposedITAT Mumbai25 Oct 2021AY 2013-14

Bench: Shri S. Rifaur Rahman () & Shri Pavan Kumar Gadale () Assessment Year: 2013-14 Deputy Commissioner Of Income M/S Saf Yeast Co. Pvt. Ltd., Tax Cc-7(1), Vs. 419, Swastik Chambers, Room No. 653, Aayakar Bhavan, Chembur, M.K. Road, Mumbai-400071. Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2013-14 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2014-15 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent

For Respondent: Mr. Hemant Chimanlal Leuwa, DR
Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI S. RIFAUR RAHMAN (ACCOUNTANT MEMBER) AND SHRI PAVAN KUMAR GADALE (JUDICIAL MEMBER) Assessment Year: 2013-14 Deputy Commissioner of Income M/s Saf Yeast Co. Pvt. Ltd., Tax CC-7(1), Vs. 419, Swastik Chambers, Room No. 653, Aayakar Bhavan, Chembur, M.K. Road, Mumbai-400071. Mumbai-400020. PAN No. AADCS 9080 J Appellant Respondent Assessment Year: 2013-14 M/s Saf Yeast Co. Pvt. Ltd., Deputy Commissioner of Income 419, Swastik Chambers, Chembur, Vs. Tax CC-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. PAN No. AADCS…

Ernst & Young Ltd., India Branch Office, New Delhi vs. ACIT (International Taxation), New Delhi

In the result, both the appeals filed by the assessee are allowed

ITA 6562/DEL/2016[2013-14]Status: DisposedITAT Delhi31 May 2018AY 2013-14

Bench: Shri R. K. Panda & Shri Sudhanshu Srivastava

For Appellant: Shri Abhimanyu Jhamba, AdvFor Respondent: Shri G. K. Dhall, CIT-DR
Section 144C(13)Section 44C

…-claim of expenditure in the Profit & Loss Account is concerned, he submitted that entries in the books of account are not decisive. Referring to the decision of the Mumbai Bench of the Tribunal in the case of British Bank of Middle East vs. JCIT reported in 4 SOT 122, he drew the attention of the Bench to the following observation :- “As far as the question of expenditure not being debited in the books of account of India operations is concerned, this is not really relevant in the light of law laid down by the Hon’ble Supreme Court in the case of Kedarnath Jute Mills Co. Ltd. [1971] 82 ITR 363. As long as the…

Ernst & Young Ltd., India Branch Office, New Delhi vs. ACIT (International Taxation), New Delhi

In the result, both the appeals filed by the assessee are allowed

ITA 6561/DEL/2016[2012-13]Status: DisposedITAT Delhi31 May 2018AY 2012-13

Bench: Shri R. K. Panda & Shri Sudhanshu Srivastava

For Appellant: Shri Abhimanyu Jhamba, AdvFor Respondent: Shri G. K. Dhall, CIT-DR
Section 144C(13)Section 44C

…-claim of expenditure in the Profit & Loss Account is concerned, he submitted that entries in the books of account are not decisive. Referring to the decision of the Mumbai Bench of the Tribunal in the case of British Bank of Middle East vs. JCIT reported in 4 SOT 122, he drew the attention of the Bench to the following observation :- “As far as the question of expenditure not being debited in the books of account of India operations is concerned, this is not really relevant in the light of law laid down by the Hon’ble Supreme Court in the case of Kedarnath Jute Mills Co. Ltd. [1971] 82 ITR 363. As long as the…

Credit Agricole Corporate and Investment Bank (Formerly Calyon Bank, Erstwhile Credit Agricole Indosuez, Mumbai vs. Addl CIT (It) RG 1, Mumbai

The appeal of the AO is dismissed

ITA 6706/MUM/2012[2005-06]Status: DisposedITAT Mumbai05 Jan 2018AY 2005-06
For Appellant: S/Shri Percy J. Pardiwala/Madhur AgarwalFor Respondent: Shri Jayant Kumar- DR
Section 143Section 254(1)

…perations in India and that same was allowable u/s.37 of (1) of the Act. He relied upon the cases of Emirates Commercial Bank Ltd (262 ITR 55),American Express Bank Ltd (138 ITD 288), American Express Bank Ltd (ITXA 1294 of 2013), British Bank of Middle East (4 SOT 122) (Mum),Bank of America NT & SA v DCIT (27 SOT 97). The DR supported the order of the FAA and stated that 6.3.We have perused the invoices,statement of expenditure received by the assessee during the year from its sister concerns (Pgs 83 to 103 and (Pgs 111 to 118) of the PB. The invoices talks of software maintenance,various-stems-items,duration et…

DDIT (It) 2(2), Mumbai vs. Ubs Ag, Mumbai

In the result, revenue’s appeal as well as assessee’s Cross

ITA 4525/MUM/2014[2009-10]Status: DisposedITAT Mumbai27 Jun 2016AY 2009-10

Bench: Shri G S Pannu & Shri Amit Shuklaita

For Appellant: Shri Arvind Sonde/For Respondent: Shri Jasbir Chouhan
Section 144C(3)

…are as under:- Case Law Citation 1 ABN Amro Bank NV(2011) 198 Taxman.376(Cal) 2 Sumitomo Mitsui Banking Corpn [2012] 136 ITD 66 Vs DCIT (Mumbai Tribunal) 3 Bank of America NT & SA vs [2005] 27 SOT 97 DCIT Mumbai ITAT) 4 British Bank of Middle East vs [2005] 4 SOT 122 JCIT (Mumbai ITAT) 5 Biocon Limited vs DCIT [2013] 35 taxmann.com 355 (Bang ITAT SB) 15 M/s UBS AG CO 210/Mum/2015 14. After considering the rival submissions and on perusal of the impugned order of the AO as well as CIT(A), we find that the CIT(A) has allowed only ESOP costs incurred by the Head Office for sum of Rs.1,87,25,998/-. The Head Office…

245 (Bom) (iv)British Bank of Middle East v. JCIT (4 SOT 122) — Cited in 8 Judgments | BharatTax