ABN Amro Bank NV v. CIT

STANDARD CHARTERED BANK,MUMBAI vs. DDIT(IT) 2 (1), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleorder Per S. Rifaur Rahman (Am) 1. These Cross Appeals Are Filled By The Assessee & Revenue Against Different Orders Of Learned Commissioner Of Income Tax (Appeals)-57, Mumbai (Hereinafter In Short "Ld.Cit(A)"] Dated 28.12.2018 For The A.Ys.2002-03 & 2003-04. 2. Since The Issues Raised In All The Appeals Are Identical, Therefore, For The Sake Of Convenience, These Appeals Are Clubbed, Heard & Disposed Off By This Consolidated Order. Revenue Appeals

…ITA NO.1407 & 2936/MUM/2019 (A.Ys: 2002-03 & 2003-04) Asst. CIT (I.T)- 4(2)(2) Room No. 1624, 16th Floor Air India Building, Nariman Point Mumbai - 400021 (Appellant) V. M/s. Standard Chartered Bank Ltd., Crescenzo, 7th Floor C-38/39, G-Block Behind MCA Club, Bandra Kurla Complex Bandra (E), Mumbai – 400051 PAN: AABCS4681D (Respondent) ITA NO.1683 & 2839/MUM/2019 (A.Ys: 2002-03 & 2003-04) M/s. Standard Chartered Bank Ltd., Tax Department Crescenzo, 7th Floor C-38/39, G-Block Behind MCA Club, Bandra Kurla Complex Bandra (E), Mumbai – 400051 PAN: AABCS4681D (Appellant) V. Asst. CIT (Intl. Taxation)- 4(2)(2) 17th Fl…

GRASIM INDUSTRIES LTD.(AS A SUCCESSOR TO ADITYA BIRLA NUVO LTD.),MUMBAI vs. DCIT- CC- 1(4), MUMBAI

In the result, the appeal is allowed

…ITA No.216/Mum/2022 Assessment Year: 2007-08 Page 1 of 7 INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘E’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President)] and Sandeep S Karhail (Judicial Member)] Assessment Year: 2007-08 Grasim Industries Limited …………………….. Appellant (As a Successor to Aditya Birla Nuvo Ltd..) Aditya Birla Centre, A Wing, 2nd Floor, S.K Ahire Marg, Worli, Mumbai400 030 [PAN: AAACI1747H] Vs. Deputy Commissioner of Income Tax, Central Circle-1(4) Mumbai ………………….Respondent Appearances: Ronak Doshi along with Ayushi Modani for the appellant Chetan M Kacha for the respondent Date of concluding the he…

GRASIM INDUSTRIES LTD.(AS A SUCCESSOR TO ADITYA BIRLA NUVO LTD.,MUMBAI vs. DCIT- CC -1(4), MUMBAI

In the result, the appeal is allowed

…ITA No.215/Mum/2022 Assessment Year: 2008-09 Page 1 of 7 INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘E’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President)] and Sandeep S Karhail (Judicial Member)] Assessment Year: 2008-09 Grasim Industries Limited …………………….. Appellant (As a Successor to Aditya Birla Nuvo Ltd..) Aditya Birla Centre, A Wing, 2nd Floor, S.K Ahire Marg, Worli, Mumbai400 030 [PAN: AAACI1747H] Vs. Deputy Commissioner of Income Tax, Central Circle-1(4) Mumbai ………………….Respondent Appearances: Ronak Doshi along with Ayushi Modani for the appellant Chetan M Kacha for the respondent Date of concluding the hear…

BARCLAYS BANK PLC,MUMBAI vs. ADDL DIT (IT) 3, MUMBAI

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

Bench: Shri Challa Nagendra Prasad & Shri Rajesh Kumarassessment Year: 2005-06 M/S. Barclays Bank Plc, Additional Director Of 801-808, Ceejay House, Income Tax (International Dr. Annie Besant Road, Vs. Taxation)-3, Worli, Scindia House, Mumbai – 400 018 Ballard Pier, Pan: Aaacu 1414F Mumbai - 400038 (Appellant) (Respondent) Assessment Year: 2005-06 Additional Director Of M/S. Barclays Bank Plc, Income Tax (International 21/23, Maker Chambers Taxation)-3, Vi, Ddit (It)-3(2), Vs. Nariman Point, Scindia House, Mumbai – 21 R.No.132, 1St Floor, Pan: Aaacb 4876G N.M. Road, Mumbai - 400038 (Appellant) (Respondent) Present For: Assessee By : Shri Madhur Agarwal, A.R. Shri Fenil Bhatt, A.R. Revenue By : Shri Avaneesh Tiwari, Sr. D.R. Date Of Hearing : 13.02.2020 Date Of Pronouncement : 19.03.2020 O R D E R

…vour of the assessee. The Ld. A.R., therefore, prayed that the same may kindly be decided in favour of the assessee by allowing the ground raised. The Ld. A.R. also relied on the decision of Hon’ble Kolkata High Court in the case of ABN Import Bank NV vs. CIT 343 ITR 81 (Kol) in which identical issue has been decided in favour of the assessee and special leave petition filed by the Department before Hon’ble Supreme Court of India against the said order was also dismissed vide order dated 03.08.2012. The Ld. A.R. also relied on the following decisions: 1. Sumitomo Mitsui Banking Corp. vs. DDIT (IT) (16 ITR (T)116)…

DCIT (IT) 3(2)(2), MUMBAI vs. MIZUHO CORPORATE BANK LTD., MUMBAI

The appeal of the revenue is dismissed

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

…y attracted. However, on being confronted with the fact that the order of the ‘Special Bench’ of ITAT, Kolkata in the case of ABN Ambro NV (supra) had been reversed by the Hon’ble High Court of Calcutta in the case of ABN Amro Bank, N.V. Vs. CIT & Anr. (2012) 343 ITR 81 (Cal), as well as the said view of the ‘Special Bench’ of the Tribunal in the case of ABN Ambro NV (supra) had been dislodged by the ITAT, Special Bench, Mumbai in the case of Sumitomo Mitsui Banking Corporation Vs. DDIT DCIT(IT)-3(2)(2) Vs. M/s Mizuho Corporate Bank Ltd. – A.Y. 2007-08 & 2008-09 (2012) 136 ITD 66 (SB)(Mum), the Ld. D.R failed to…

BARCLAYS BANK PLC,MUMBAI vs. ADDL DIT (IT) 3, MUMBAI

Appeals of the assessee stand partly allowed and the appeals of the AO are dismissed

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “केकेकेके” खंडपीठ खंडपीठ मेमेमेमे आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं अमरजीत अमरजीत "सह "सह, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं अमरजीत अमरजीत "सह "सह "याियक "याियक सद"य सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./178/Mum/2011,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2006-07 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" आयकर अपी…

ASST CIT (IT) 4(2)(2), MUMBAI vs. SOCIETE GENERALE, MUMBAI

The appeal of the revenue is partly allowed

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 4542 & 1671/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2009-10 & 2010-11) Dy. Cit(It)-4(2)(2), M/S. Societe Generale 1St Floor, R. No. 120, 19Th Floor, Tower ‘A’ बिधम/ Scindia House, Ballard Estate Peninsula Business Park, Vs. N.M. Road, Mumbai-400 038 Ganpatrao Kadam Marg Lower Parel, Mumbai 400013 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcs7484C (अपीलाथी/Revenue ) (प्रत्यथी /Assessee) :

…dia Permanent Establishment of a foreign bank to its H.O. and branch offices abroad cannot be taken into account for the purpose of computing the income of H.O. liable to be taxed in India without appreciating that in view of decision in case of ABN Amro Bank 343 ITR 81 (Cal) later affirmed by Hon'ble Supreme Court also, for all purposes P.E. & G.E. are to be treated as separate entities? 4. Without prejudice to ground No. 2 & 3 above, whether on the facts and in the circumstance of the case, the DRP was justified in not directing the A.O. to make disallowance u/s. 14 -A following the decision of ITAT, Mumbai in…

DCIT, (IT)- 4(2)(2), MUMBAI vs. SOCIETE GENERALE, MUMBAI

The appeal of the revenue is partly allowed

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 4542 & 1671/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2009-10 & 2010-11) Dy. Cit(It)-4(2)(2), M/S. Societe Generale 1St Floor, R. No. 120, 19Th Floor, Tower ‘A’ बिधम/ Scindia House, Ballard Estate Peninsula Business Park, Vs. N.M. Road, Mumbai-400 038 Ganpatrao Kadam Marg Lower Parel, Mumbai 400013 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcs7484C (अपीलाथी/Revenue ) (प्रत्यथी /Assessee) :

…dia Permanent Establishment of a foreign bank to its H.O. and branch offices abroad cannot be taken into account for the purpose of computing the income of H.O. liable to be taxed in India without appreciating that in view of decision in case of ABN Amro Bank 343 ITR 81 (Cal) later affirmed by Hon'ble Supreme Court also, for all purposes P.E. & G.E. are to be treated as separate entities? 4. Without prejudice to ground No. 2 & 3 above, whether on the facts and in the circumstance of the case, the DRP was justified in not directing the A.O. to make disallowance u/s. 14 -A following the decision of ITAT, Mumbai in…

DDIT (IT) 2(2), MUMBAI vs. UBS AG, MUMBAI

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

Bench: Shri G S Pannu & Shri Amit Shuklaita

…as the Ld. Counsel submitted that, so far as expenses on ESOP expenses is concerned same are squarely covered not only by the various decisions of the Tribunal but also by the decision of Calcutta High Court in the case of ABN Amro Bank NV, reported in [2012] 343 ITR 81. The list of decision relied upon before us 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…

DBS BANK LTD,MUMBAI vs. DDIT (IT) 1(2), MUMBAI

In the result, the appeal is allowed in the terms indicated above

Bench: Us Is A Non Resident & Its Assessment Under Section 143(3) Was Completed On 28Th March 2005 At An Assessed Income Of Rs 24,18,54,060. Subsequently, However, The Revenue Audit Party Pointed Out Certain Mistakes Said To Have Crept In This Assessment Order. The Mistakes So Pointed Out, On The Basis Of Which The Impugned Rectification Of Mistakes Under Section 154 Is Said To Have Been Carried Out- As Is Started In The Impugned Order Itself, Were As Follows:

…favour of the assessee. It was held since, in such a situation, the payment is made by the non resident to himself, there is no obligation to deduct tax at source from such payments. Hon’ble Calcutta High Court, in the case of ABN Amro Bank NV Vs CIT [(2012) 343 ITR 81 (Cal)], has held that there is tax deduction at source requirement, under section 195, from the payment of interest made by the Indian branch of a foreign bank to its offices abroad. It is thus clear that the impugned disallowance, even on merits, is unsustainable in law. Accordingly, the impugned disallowance, by way of rectification of mistake u…