CIT v. Emirates Commercial Bank Ltd.

262 ITR 55High Court2003#2169 most cited

What is CIT v. Emirates Commercial Bank Ltd. authority for?

Section 44C of the Income Tax Act does not apply to expenses exclusively incurred by a foreign bank's branch office in India. The provision applies only to common head office expenses that require allocation across various entities.

53

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2009 to 2026.

Also referred to as

CIT v. Emirates Commercial Bank Ltd. · Section 44C · head office expenses · branch expenses India · non-resident foreign bank · expenditure allocation · common expenses · exclusively incurred expenses · scope of Section 44C

Sections most often in play

Section 44CSection 115ASection 143(3)Section 10BSection 115A of the Income Tax ActSection 115JBSection 143(2)Section 144B(8)

Issues it is cited on

section 44csection 293section 40a(i)section 10(5)section 32asection 9(1)(v)section 74section 73section 42section 32(1)(iia)initial assessment yearsection 72

Judgments citing CIT v. Emirates Commercial Bank Ltd.

DDIT, New Delhi vs. M/S. Cairn Energy Hydrocarbons Ltd., Gurgaon

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6357/DEL/2013[2010-11]Status: DisposedITAT Delhi31 Jan 2023AY 2010-11

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…t. The AO further stated that the said expenses were not to be allowed as revenue expenditure even in the year of commencement of production i.e. the relevant assessment year. 59. Reliance is placed on the decision of CIT Vs. Emirates Commercial Bank [(2003) 262 ITR 55 (Bom)] wherein Bombay High Court held that section 44C of the Act contemplates allocation of expenses amongst various entities. The expenditure which is covered by section 44C of the Act is of common nature, which is incurred for the various branches or which is incurred for the head office and the branch. Expenditure incurred by the head office e…

Cairn Energy Hydrocarbons Ltd., Gurgaon vs. DDIT, New Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6346/DEL/2013[2010-11]Status: DisposedITAT Delhi31 Jan 2023AY 2010-11

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…t. The AO further stated that the said expenses were not to be allowed as revenue expenditure even in the year of commencement of production i.e. the relevant assessment year. 59. Reliance is placed on the decision of CIT Vs. Emirates Commercial Bank [(2003) 262 ITR 55 (Bom)] wherein Bombay High Court held that section 44C of the Act contemplates allocation of expenses amongst various entities. The expenditure which is covered by section 44C of the Act is of common nature, which is incurred for the various branches or which is incurred for the head office and the branch. Expenditure incurred by the head office e…

M/S. Healthware Private Limited vs. The Assistant Commissioner of Income Tax

ITTA/604/2015HC Telangana03 Nov 2022

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Dilip Buildcon Ltd, Bhopal vs. DCIT Central-1, Bhopal

In the result, appeal of Assessee is allowed

ITA 163/IND/2021[2018-19]Status: DisposedITAT Indore20 Oct 2022AY 2018-19

Bench: Ms. Suchitra R. Kamble & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2018-19 M/S. Dilip Buildcon Ltd. Acit Central-1 Bhopal Bhopal बनाम/ Vs. (Appellant / Assessee) (Respondent /Revenue) Pan: Aaccd 6124 B Assessee By Shri Hitesh Chimnani & Shri Yash Kukreja, Ld. Ars Revenue By Shri P.K. Mitra, Cit-Dr Date Of Hearing 18.10.2022 Date Of Pronouncement 20.10.2022

Section 143(2)Section 143(3)Section 32(1)(iia)Section 32A

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the Page 4 of 25 Dilip Buildcon Ltd. Assessment year 2018-19 case of Cherian Varkey Construction CO. (P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texa…

Thed CIT, Central-1, Bhopal vs. M/S Dilip Buildcon Ltd, Bhopal

In the result, revenue’s appeal for A

ITA 290/IND/2020[2017-18]Status: DisposedITAT Indore27 Jan 2022AY 2017-18

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

Shri Dilip Buildcon Ltd, Bhopal vs. DCIT Central -1, Bhopal

In the result, revenue’s appeal for A

ITA 197/IND/2020[2017-18]Status: DisposedITAT Indore27 Jan 2022AY 2017-18

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

DCIT (Central)-1, Bhopal vs. Dilip Buildcon Ltd., Bhopal

In the result, revenue’s appeal for A

ITA 882/IND/2019[2016-17]Status: DisposedITAT Indore27 Jan 2022AY 2016-17

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

DCIT (Central)-1, Bhopal vs. Dilip Buildcon Ltd., Bhopal

In the result, revenue’s appeal for A

ITA 881/IND/2019[2015-16]Status: DisposedITAT Indore27 Jan 2022AY 2015-16

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

Dilip Buildcon Ltd., Bhopal vs. DCIT (Central)-1, Bhopal

In the result, revenue’s appeal for A

ITA 820/IND/2019[2016-17]Status: DisposedITAT Indore27 Jan 2022AY 2016-17

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

Dilip Buildcon Ltd., Bhopal vs. DCIT (Central)-1, Bhopal

In the result, revenue’s appeal for A

ITA 819/IND/2019[2015-16]Status: DisposedITAT Indore27 Jan 2022AY 2015-16

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

Deputy Commissioner of Income Tax (Central)-1, Bhopal vs. Dilip Buildcon Limited, Bhopal

In the result, revenue’s appeal for A

ITA 816/IND/2018[14-15]Status: DisposedITAT Indore27 Jan 2022

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

Dilip Buildcon Limited, Bhopal vs. Deputy Commissioner of Income Tax (Central)-1, Bhopal

In the result, revenue’s appeal for A

ITA 782/IND/2018[2014-15]Status: DisposedITAT Indore27 Jan 2022AY 2014-15

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad&

Section 143(3)Section 147Section 148Section 32(1)(iia)Section 32ASection 80I

…s manufacturing of roads. It was also submitted that the assesse manufacturer Ready Mix Concrete (RMC) in the process of construction of reads and in view of the judgment of Hon'ble Bombay High Court in the case of CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55. Judgment of Hon'ble Kerala High Court in the case of Cherian Varkey Construction CO.(P.) Ltd. vs. UOI (2018) 406 ITR 262, it was submitted that the procedure of making of RMC by the assessee comes under the purview of manufacturing. Further it was stated that as held in the case of Texas Instruments (India) P. Ltd. vs. ACIT M/s. Dilip Buildcon L…

DCIT (International Taxation), New Delhi vs. M/S the Bank of Tokyo Mistubishi Ufj Ltd., New Delhi

The appeal of the assessee is allowed

ITA 283/DEL/2016[2011-12]Status: DisposedITAT Delhi27 May 2021AY 2011-12

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Nishant Takkar, AdvocateFor Respondent: Ms. Meera Srivastava, CIT DR
Section 115JSection 143Section 144CSection 2(17)Section 9

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘I-2’ : NEW DELHI) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.283/Del./2016 (ASSESSMENT YEAR : 2011-12) DCIT, Circle 1(1)(2), vs. M/s. The Bank of Tokyo Mitsubishi International Taxation, UFJ Limited, New Delhi. 3, Jeevan Vihar Building, Parliament Street, New Delhi – 110 001. (PAN : AABCT3880D) CO No.126/Del/2016 (in ITA No.283/Del./2016) (ASSESSMENT YEAR : 2011-12) M/s. The Bank of Tokyo Mitsubishi vs. DCIT, Circle 1(1)(2), UFJ Limited, International Taxation, 3, Jeevan Vihar Building, New…

Mufg Bank Ltd, New Delhi vs. ACIT (International Taxation) Circle-2(2)(1), New Delhi

In the result appeal of the assessee is partly allowed

ITA 7895/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Oct 2020AY 2015-16

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

For Appellant: Shri Nishant Thakkar, AdvFor Respondent: Shr Surender Pal, CIT DR
Section 143(3)Section 14ASection 244ASection 37(1)Section 44C

…d common order referred to and relied upon the decision of its coordinate bench at Kolkata in ABN Amro Bank vs. JCIT (2005) 97 ITD 1 (ITAT [Kol.]). Further the ITAT followed the decision of the Bombay High Court in CIT vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55 (Bom.) where the Bombay High Court approved the view taken by the ITAT. The ITAT agreed that the expenses have been incurred wholly and exclusively by the Indian branch and therefore no part of theses expenses can be allocated to any other branch of the HO and that there was no dispute with regard to the non-applicability of section 44C of the Act…

DCIT (It) 3(1), Mumbai vs. Oman Internaitonal Bank S.A.O.G., Mumbai

Accordingly, the ground raised by the assessee is allowed for statistical purpose

ITA 4174/MUM/2014[2007-08]Status: DisposedITAT Mumbai15 Sept 2020AY 2007-08

Bench: Shri Vikas Awasthy, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 4174/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2007-08)

For Appellant: Shri Niraj Seth, ARFor Respondent: Shri Anand Mohan, DR
Section 195Section 40Section 5Section 9

…assessee 's own case has been decided by the Tribunal consistently in favour of the assessee in the earlier years relying, inter alia, on the decision of Hon'ble Bombay High Court in the case of Commissioner of Income-tax Vs Emirates Commercial Bank Lid(2603) 262 ITR 55(Bom.) wherein it was held that the travelling expenses incurred by the Head Office on travelling of its own staff and directly in connection with India branch are allowable u/s. 37(l) of the Act and section 44C has no application to such expenses. The decision of the Tribunal A)' 1996-97 deciding similar issue in favour of the assesse has also bee…

Trent Ltd, Mumbai vs. Addl. C.I.T.-2(3), Mumbai

ITA 5775/MUM/2011[2007-08]Status: DisposedITAT Mumbai15 Jul 2020AY 2007-08

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Trent Ltd., V. Add. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) Addl. Cit – 2(3) V. M/S. Trent Ltd., Room No. 556, 5Th Floor Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai - 400 020 Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) M/S. Trent Ltd., V. Dy. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent)

Section 14ASection 35DSection 37(1)

…. The learned Counsel for the appellant has relied on the decisions in Alikunju, M.A.Nazeer Cashew Industries v. C.I.T. [(1987) 166 ITR 804 (Ker)], Shankar Construction Co. v. C.I.T. [(1991) 189 ITR 463 (Kar.)], C.I.T. v. Emirates Commercial Bank Ltd. [(2003) 262 ITR 55 (Bom.)], C.I.T. v. Computerised Accounting and Management Service Pvt. Ltd. [(1999) 235 ITR 502 (Ker)] and C.I.T. v. Peerless Consultancy and Service (P.) Ltd. [(2001) 248 ITR 178]. The learned Standing Counsel for Government of India (Taxes) has relied on the decision in Ansal Housing and Construction Ltd. v. CIT [(2010) 320 ITR 420 (Delhi)]. 11.…

M/S. the Bank of Tokyo-Mitsubishi Ufj Ltd., New Delhi vs. DDIT, New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 1162/DEL/2014[2009-10]Status: DisposedITAT Delhi21 May 2020AY 2009-10

Bench: Ms. Sushma Chowla, V.P. & Dr. B.R.R. Kumar, A.M. आयकर अपील सं. / Ita No. 1162/Del/2014 आयकर अपील सं आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" / Assessment Year: 2009-10 िनधा"रण वष" िनधा"रण वष" The Bank Of Tokyo-Mitsubishi Ufj Ltd., Jeevan Vihar Building, 3, Parliament Street, New Delhi-110001. .............अपीलाथ"/Appellant Pan-Aabct3880D Vs The Ddit (International Taxation), Circle-1(1), …………. ""यथ" / Respondent New Delhi अपीलाथ" क" ओर से / Appellant By: Sh. Percy Pardiwala, Sr.Adv & Sh. Hiteh Chande, Adv. ""यथ" क" ओर से / Respondent By: Sh. H.K.Choudhary, Cit Dr

For Appellant: Sh. Percy Pardiwala, Sr.Adv &For Respondent: Sh. H.K.Choudhary, CIT DR
Section 143(3)Section 195Section 44CSection 9(1)(v)

…and for Assessment Year 2011-12 in ITA No.306/Del/2016, order dated 26.04.2017 had decided the said issue in favour of the assessee in turn relying on the ratio laid down by the Hon’ble Bombay High Court in CIT vs M/s. Emirates Commercial Bank Ltd. [2003] 262 ITR 55 (Bom.). 9. We further find that the appeals of the Revenue have been dismissed by consolidated order passed by the Hon’ble Delhi High Court in ITA Nos.604 & 605/2015, vide order dated 08.04.2016. The Hon’ble High Court while deciding the issue of whether deduction is to be allowed, on account of salary paid to expatriates, observed as under:-…

The Hongkong & Shanghai Banking Corporation Ltd, Navi Mumbai vs. ADIT (It) RG-3(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 3996/MUM/2009[2003-04]Status: DisposedITAT Mumbai27 Nov 2019AY 2003-04

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm & Adit (It) 3(1) Vs. The Hongkong & Scindia House, Shanghai Banking R.No.132, 1St Floor Corporation Ltd N.M.Road, 52/60, Mahatma Gandhi Mumbai – 38 Road Mumbai – 400 001 Pan/Gir No. Aaact2786P (Appellant) .. (Respondent) & The Hongkong & Vs. Adit (It) 3(1) Shanghai Banking Scindia House, R.No.132, 1St Floor Corporation Ltd 52/60, Mahatma Gandhi N.M.Road, Road Mumbai – 38 Mumbai – 400 001 Pan/Gir No. Aaact2786P (Appellant) .. (Respondent)

Section 143(3)Section 192Section 37Section 44C

…t tax on their salaries though paid overseas were offered for taxation in India in their hands, the claim of the appellant disallowed by the AO is confirmed. 8. It was held in CIT vs. Emirates Commercial Bank Ltd. [now known as Abu Dhabi Commercial Bank Ltd.] 262 ITR 55 [Bom] that this was a case 'where the expenditure was exclusively incurred for the branch and there was concurrent finding of facts recorded by the CIT(A) as well as the Tribunal that the officers came from the head office at Abu Dhabi to Bombay to attend to the work of the Bombay Branch and, in connection with that work, the expense was incurred…

Bank of Bahrain & Kuwait B.S.C, Mumbai vs. Addl DIT (It) 3, Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 2323/MUM/2014[2008-09]Status: DisposedITAT Mumbai17 Jul 2019AY 2008-09

Bench: Shri M. Balaganesh & Shri Ravish Soodita No. 2323/Mum/2014 (Assessment Year: 2008-09) Bank Of Bahrain & Kuwait Asst. Director Of Income Tax B.S.C. Jolly Maker Chambers Ii, (International Taxation) -3(2) 225, Nariman Point, Vs Mumbai. Mumbai – 400 021

For Appellant: Shri Farrokh V. Irani, A.RFor Respondent: Shri M.C. Omi Ningshen, Sr. D.R
Section 143(3)Section 144C(3)Section 44C

…amounting to Rs.44,70,936/- and Rs.2,13,71,243/-, respectively, it was submitted by the ld. A.R that the first appellate authority correctly following the judgment of the Hon‟ble High Court of Bombay in the case of CIT Vs. Emirates Commercial Bank Ltd. (2003) 262 ITR 55 (Bom), had rightly deleted the same. It was submitted by the ld. A.R that a similar issue as regards the entitlement of the assessee towards claim of deduction under Sec. 44C had came up before the Tribunal i.e ITAT „L‟ Bench, Mumbai in the assesses own case for A.Y. 2002-03 in ADIT (IT) -3(2), Mumbai Vs. Bank of Bahrain & Kuwait (ITA No. 6731/Mum…

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)

…d that cost of credit risk assistance and EDP assistance were a direct allocation of expenses to the Indian branch for business operations 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 c…