Bombay in CIT v. Industrial Investment Trust Company Limited

Standard Chartered Grindlays Bank, New Delhi vs. ADIT International Taxation, New Delhi

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

Bench: Ms. Sushma Chowladr. B. R. R. Kumar(Through Video Coferencing)

…end income in view of various decisions as under –  CIT v/s. Indian Bank Ltd. - 56 ITR 77(SC)  Rajasthan State Warehousing Corp. v/s. CIT - 242 ITR 450(SC)  CIT v/s. Maharashtra Sugar Mills - 82 ITR 452(SC)  CIT v/s. Industrial Investment Trust Co. Ltd. - 67 ITR 436(Bom) 8. The Ld. CIT(A) has erred in law and on facts in disallowing the sum of Rs.30,15,52,101/- as relating to access and user of technology related services for its credit cards business in India, on which full taxes were duly deducted at source and paid to the Indian Government @ 15% in accordance with Article 12 of the Indo-Australia Double T…

CIT vs. Kribhco

…the Revenue, that it is the net amount which is included in the total income, was rejected. 23. Reference was also made to an earlier Division Bench judgment of the High Court of Bombay in CIT versus Industrial Investment Trust Company Limited, (1968) 67 ITR 436 (Bom.) with reference to notification dated 9th December, 1933 exempting from the super tax so much of income of any investment trust company as was derived from dividend paid by another company, which had paid or would pay super tax. The Supreme Court without expressing any firm opinion either in affirmative or negative observed that the Hi…

Commissioner of Income Tax

…the Revenue, that it is the net amount which is included in the total income, was rejected. 23. Reference was also made to an earlier Division Bench judgment of the High Court of Bombay in CIT versus Industrial Investment Trust Company Limited, (1968) 67 ITR 436 (Bom.) with reference to notification dated 9th December, 1933 exempting from the super tax so much of income of any investment trust company as was derived from dividend paid by another company, which had paid or would pay super tax. The Supreme Court without expressing any firm opinion either in affirmative or negative observed that the Hi…