THE DY DIT (I.T) 1(1), MUMBAI vs. M/S. BANK OF AMERICA N.A., MUMBAI

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

disallowance made under section 44C of the Act.\n9.\nThe brief facts of the case pertaining to this issue, as emanating

UNITED OVERSEAS BANK LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX , MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Pawan Singh, Jm & Ms Padmavathy S, Am

disallowance stating that the expenditure has to undergo the test of principles of provision interalia section 37 of the Act, since section 44C

M/S. MASHREQ BANK PSC.,MUMBAI vs. DDIT (IT) - 3(2), MUMBAI

In the result, the appeal is allowed, as indicated above

Bench: Justice (Retd.) C. V. Bhadangshri Saktijit Dey & Ms. Padmavathy Sassessment Year: 2002-03

44C of the Act. The appellants pray that the AO be directed to allow the expenditure of Rs.3,58,421 under Section 37 of the Act. 4. In ground no. 1, the assessee has challenged disallowance

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

In the result, ground raised by the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

section 44C of the Act. 2.2 The learned CIT(A) ought to have appreciate that expenses directly attributable to operation carried out in India cannot fall under purview of s. 44C of the Act and hence should be allowed in full. 3. 3.1 The leaned CIT(A) erred in law and on facts to disallow

M/S. STANDARD CHARTERED BANK,MUMBAI vs. DDIT (I.T) - 2(1), MUMBAI

In the result, the appeal of revenue is partly allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

disallowed the entire expenditure under section 37(1) as expense is not laid-out/incurred wholly and exclusively for purpose of SCB India and not debited in books. Further, the AO treated the expenses as Head Office expenditure under section 44C

LLOYDS REGISTER QUALITY ASSURANCE LTD,MUMBAI vs. DCIT (IT) 3(1)(2), MUMBAI

In the result, assessee’s appeal is allowed

Bench: Shri Saktijit Dey & Shri N.K Pradhanlloyd’S Register Quality Assurance Ltd. (India Branch Office) 63–64, Kalpataru Square 6Th Floor, Kondivita Lane ……………. Appellant Off Andheri – Kurla Road Andheri (E), Mumbai 400 059 Pan – Aaacl9740K V/S Dy. Commissioner Of Income Tax I.T – 3(1)(2), Mumbai ……………. Respondent [Erstwhile Jurisdiction Adit, It–4(1), Mumbai] Lloyd’S Register Quality Assurance Ltd. (India Branch Office) 63–64, Kalpataru Square 6Th Floor, Kondivita Lane ……………. Appellant Off Andheri – Kurla Road Andheri (E), Mumbai 400 059 Pan – Aaacl9740K V/S Dy. Commissioner Of Income Tax I.T – 3(1)(2), Mumbai ……………. Respondent [Erstwhile Jurisdiction Adit, It–4(1), Mumbai]

disallowance of licence fee and management charges under section 44C of the Income Tax Act, 1961 (for short “the Act”) by treating

M/S. STANDARD CHARTERED BANK,MUMBAI vs. THE ACIT (IT)1(3), MUMBAI

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

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blestandard Chartered Bank V. Acit – Range-1(3) Taxation Department, 23-25 Scindia House, Ballard Estate M.G. Road, 3Rd Floor N.M. Marg, Mumbai - 400038 Fort, Mumbai - 400001 Pan: Aabcs4681D (Appellant) (Respondent) Adit (It)– 2(3) V. Standard Chartered Bank Room No. 120, 1St Floor Taxation Department, 23-25 Scindia House, Ballard Estate M.G. Road, 3Rd Floor N.M. Marg, Mumbai - 400038 Fort, Mumbai - 400001 Pan: Aabcs4681D (Appellant) (Respondent) Shri P.J. Pardiwala & Assessee Represented By : Shri Fenil Bhatt Shri Soumendu Kumar Dash Department Represented By :

disallowance by holding that the expenditure is allowable under section 37(1) of the Act without imposing restrictions contained under section 44C

M/S. STANDARD CHARTERED BANK,MUMBAI vs. JT. CIT. SPL. RG. 27, MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

disallowance by holding that the expenditure is allowable under 14 Standard Chartered Bank section 37(1) of the Act without imposing restrictions contained under section 44C

ACIT(IT)-3(2)(2) MUMBAI, MUMBAI vs. MUNCHENER RUCKVERSICHERUNGS-GESELLSCHAFT AKTIENGESELLSCHAFT IN MUNCHEN, MUMBAI

Accordingly, the grounds raised by the assessee are allowed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

section 44C of the Act and that no disallowance been made in the impugned order under section 44C of the Act. Therefore

MUNCHENER RUCKVERSICHERUNGS-GESELLSCHAFT AKTIENGESELLSCHAFT IN MUNCHEN,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (IT)-3(2)(2), MUMBAI

Accordingly, the grounds raised by the assessee are allowed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

section 44C of the Act and that no disallowance been made in the impugned order under section 44C of the Act. Therefore

MUNCHENER RUCKVERSICHERUNGS -GESELLSCHAFT AKTIENGESELLSCHAFT IN MUNCHEN ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (IT)-3(2)(2), MUMBAI

Accordingly, the grounds raised by the assessee are allowed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

section 44C of the Act and that no disallowance been made in the impugned order under section 44C of the Act. Therefore

ACIT(IT)-3(2)(2),MUMBAI, MUMBAI vs. MUNCHENER RUCKVERSICHERUNGS-GESELLSCHAFT AKTIENGESELLSCHAFT IN MUNCHEN, MUMBAI

Accordingly, the grounds raised by the assessee are allowed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

section 44C of the Act and that no disallowance been made in the impugned order under section 44C of the Act. Therefore

JCIT, SPECIAL RANGE-27, MUMBAI vs. ABU-DHABI COMMERCIAL BANK LTD, MUMBAI

In the result, all the appeals and cross objections are disposed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1997-98 & Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2003-04 Dy. Dit(It)-1(1), M/S Abu Dhabi Commercial Room No. 117, Scindia House, Bank Ltd., N.M. Road, Ballard Pier, Vs. 75-B, Rehmant Manzil Veer Mumbai-400001. Nariman Road, Mumbai-400020. Pan No. Aaaca 4216 B Appellant Respondent Co No. 115/Mum/2004 (Arising Out Of Ita No. 2205/Mum/2004) Assessment Year: 1998-99 & Co No. 414/Mum/2004 (Arising Out Of Ita No. 3925/Mum/2004)

disallowance of the interest expenditure has to be has to be decided accordingly. Though we are aware that matters are very old but ough we are aware that matters are very old but, no ough we are aware that matters are very old but such details of actual availability o such details of actual availability of the liquid funds

ABU DHABI COMMERICAL BANK LTD,MUMBAI vs. ADIT (IT) 1(1), MUMBAI

In the result, all the appeals and cross objections are disposed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1997-98 & Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2003-04 Dy. Dit(It)-1(1), M/S Abu Dhabi Commercial Room No. 117, Scindia House, Bank Ltd., N.M. Road, Ballard Pier, Vs. 75-B, Rehmant Manzil Veer Mumbai-400001. Nariman Road, Mumbai-400020. Pan No. Aaaca 4216 B Appellant Respondent Co No. 115/Mum/2004 (Arising Out Of Ita No. 2205/Mum/2004) Assessment Year: 1998-99 & Co No. 414/Mum/2004 (Arising Out Of Ita No. 3925/Mum/2004)

disallowance of the interest expenditure has to be has to be decided accordingly. Though we are aware that matters are very old but ough we are aware that matters are very old but, no ough we are aware that matters are very old but such details of actual availability o such details of actual availability of the liquid funds

M/S. ABU-DHABI COMMERCIAL BANK LTD,MUMBAI vs. THE DDIT (IT)-1(1), MUMBAI

In the result, all the appeals and cross objections are disposed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1997-98 & Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2003-04 Dy. Dit(It)-1(1), M/S Abu Dhabi Commercial Room No. 117, Scindia House, Bank Ltd., N.M. Road, Ballard Pier, Vs. 75-B, Rehmant Manzil Veer Mumbai-400001. Nariman Road, Mumbai-400020. Pan No. Aaaca 4216 B Appellant Respondent Co No. 115/Mum/2004 (Arising Out Of Ita No. 2205/Mum/2004) Assessment Year: 1998-99 & Co No. 414/Mum/2004 (Arising Out Of Ita No. 3925/Mum/2004)

disallowance of the interest expenditure has to be has to be decided accordingly. Though we are aware that matters are very old but ough we are aware that matters are very old but, no ough we are aware that matters are very old but such details of actual availability o such details of actual availability of the liquid funds

THE DDIT (I.T)1(1) vs. M/S. ABUDABI COMMERCIAL BANK LTD.,

In the result, all the appeals and cross objections are disposed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1997-98 & Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2003-04 Dy. Dit(It)-1(1), M/S Abu Dhabi Commercial Room No. 117, Scindia House, Bank Ltd., N.M. Road, Ballard Pier, Vs. 75-B, Rehmant Manzil Veer Mumbai-400001. Nariman Road, Mumbai-400020. Pan No. Aaaca 4216 B Appellant Respondent Co No. 115/Mum/2004 (Arising Out Of Ita No. 2205/Mum/2004) Assessment Year: 1998-99 & Co No. 414/Mum/2004 (Arising Out Of Ita No. 3925/Mum/2004)

disallowance of the interest expenditure has to be has to be decided accordingly. Though we are aware that matters are very old but ough we are aware that matters are very old but, no ough we are aware that matters are very old but such details of actual availability o such details of actual availability of the liquid funds

ABU-DHABI COMMERICAL BANK LTD,MUMBAI vs. DDIT (IT) 1(1), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Rajendra & Shri Saktijit Deyआयकर अऩीऱ सं. / Ita No. 6852/Mum./2012 (ननधधारण वषा / Assessment Year : 2007–08) Abu Dhabi Commercial Bank Ltd. 75B, Rehmat Manzil …….………. अऩीऱधथी / Veer Nariman Road Appellant Mumbai 400 020 Pan – Aaaca4216B V/S Asstt. Commissioner Of Income Tax ..…….………. प्रत्यथी / (International Taxation), Circle–1(1) 117, Scindia House, Ballard Pier Respondent Mumbai 400 038 ननधधाररती की ओर से / Assessee By : Shri Dhanesh Bafna A/W Ms. Chandani Shah रधजस्व की ओर से / Revenue By : Shri Sanjeev Jain सुनवधई की तधरीख / आदेश घोषणध की तधरीख / Date Of Hearing – 28.09.2016 Date Of Order – 21.10.2016 आदेश / Order शक्तिजीि दे, न्याययक सदस्य के द्वारा / Per Saktijit Dey, J.M.

disallowance of claim of head office expenditure. 3. Brief facts are, during the assessment proceedings, the Assessing Officer while verifying the accounts of the assessee, noticed that the assessee has claimed head office expenditure amounting to ` 2,21,23,718, which is not in terms with the provisions of section 44C

M/S. SATELITE TELEVISION ASIAN REGION LTD.,MUMBAI vs. DDIT (INT. I.T) 2(1), MUMBAI

In the result, all the appeals by the assessee and the Revenue are partly

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm

Section 44C of the Act being 5% of the adjusted total income being lower than the actual expenditure of Rs 8,35,02,000. For Revenue’s appeal : Sr. Particulars/ Issues Gr. No. Remarks No. 1. Disallowance