M/S. BANK OF AMERICAN , N.A,MUMBAI vs. THE JT DIT (I.T)3, MUMBAI

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

44C of the I.T. Act. The A.O. is directed\nto allow the H.O. expenses accordingly.”\nBeing aggrieved, the assessee is in appeal before us.\n34.\nWe have considered the submissions of both sides and perused the\nmaterial available on record. The assessee in its London branch has set up a\nglobal banking system data centre, known as Croydon Data Processing

ACIT (IT)-4(2)(2), MUMBAI vs. STANDARD CHARTERED BANK LTD., MUMBAI

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

Pricing -II), Mumbai who passed the relevant Transfer\nPricing Order had legal authority to act as section 2(28D)\nspecifies that Joint Commissioner includes Additional\nPage No. | 28\nCommissioner. The Ld CIT(A) erred in disregarding the detailed\nsubmissions made by the appellant that notification No S.O.\n994(E), [NO. 278/2004], dated 1-9- 2004_issued by the CBDT

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

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

44C of the Act. It was submitted that section 44C\nof the Act deals with the allowability of the head office\nadministrative expenses. Accordingly, it was submitted\nthat the expenses incurred by the assessee are out of the\nscope of provision of section 44C as these expenses are\nnot in the nature of general administrative expenses but\nare solely

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

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

section\n44C of the Act. Following the decision of his predecessor-\nin-office, learned Commissioner (Appeals) deleted the\ndisallowance by holding that the expenditure is allowable\nunder section 37(1) of the Act without imposing\nrestrictions contained under section 44C of the Act.\n19. We have considered rival submissions and perused\nmaterial on record. Learned Counsels appearing for the\nparties

ACIT (IT)-4(2)(2), MUMBAI vs. STANDARD CHARTERED BANK LTD., MUMBAI

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

Pricing -II), Mumbai who passed the relevant Transfer\nPricing Order had legal authority to act as section 2(28D)\nspecifies that Joint Commissioner includes Additional\nPage No. 27\nCommissioner. The Ld CIT(A) erred in disregarding the detailed\nsubmissions made by the appellant that notification No S.O.\n994(E), [NO. 278/2004], dated 1-9- 2004 issued by the CBDT

ADIT (IT) 3(2), MUMBAI vs. THE BANK NOVA SCOTIA, MUMBAI

In the result, the appeals of the assessee are partly allowed and\nappeals of the revenue are also partly allowed

transfer pricing.", "result": "Partly Allowed", "sections": [ "Section 14A", "Section 92C(2)", "Section 44C", "Section 115A", "Section 36(1)(vii)", "Article

BANK OF NOVA SCOTIA,MUMBAI vs. ADDL DIT (IT) RG 3, MUMBAI

In the result, the appeals of the assessee are partly allowed and\nappeals of the revenue are also partly allowed

pricing grounds were also addressed, with varying outcomes.", "result": "Partly Allowed", "sections": [ "Section 14A", "Section 92C(2)", "Section 44C", "Section 115A", "Section 36(1)(vii)", "Article 7(3) of the India-Canada DTAA" ], "issues": "The appeals dealt with disallowance of expenditure for exempt income, expatriate salary deductibility, applicability of Section 115A, and various transfer

THE BANK OF NOVA SCOTIA,MUMBAI vs. ADDL DIT (IT) RG 3, MUMBAI

In the result, the appeals of the assessee are partly allowed and\nappeals of the revenue are also partly allowed

transfer pricing adjustments, applicability of Section 115A to interest income from foreign currency loans, and deduction of interest paid by Indian branches to head office. The tribunal referred to numerous previous decisions of ITAT for similar issues.", "result": "Partly Allowed", "sections": ["Section 14A", "Section 92C(2)", "Section 115A", "Section 44C

ADIT (IT) 1(2), MUMBAI vs. CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, MUMBAI

Accordingly these grounds are dismissed as not pressed

Bench: Smt Beena Pillai, Jm & Ms Padmavathy S, Am I.T. (Tp) A. No. 1479/Mum/2015 (Assessment Year: 2010-11) Credit Agricole Corporate & Dcit (International Taxation)- Investment Bank (Formerly 2(1)(1), 1St Floor, Room No. 136, Known As ‘Calyon Bank’) Vs. 11Th Floor, Hoechst House, Scindia House, N.M. Marg, Nariman Point, Mumbai-400021. Ballard Pier, Mumbai-400038. Pan: Aaccc3872B Appellant) : Respondent)

transfer pricing order under section 92CA(3) by 29.01.2014 whereas the order is passed on 30.01.2014. Therefore, applying the ratio laid down by the Hon'ble Madras High Court in the above case, we hold that the order passed by the TPO making the TP Adjustment is barred by limitation and accordingly liable to be quashed. Hence, the TP Adjustment

CREDIT AGRICOLE CORPORATE & INVESTMENT BANK,MUMBAI vs. THE DY.CIT OF INCOME TAX (INTERNATIONSL TAXATION) -2(1) (1) , MUMBAI

Accordingly these grounds are dismissed as not pressed

Bench: Smt Beena Pillai, Jm & Ms Padmavathy S, Am I.T. (Tp) A. No. 1479/Mum/2015 (Assessment Year: 2010-11) Credit Agricole Corporate & Dcit (International Taxation)- Investment Bank (Formerly 2(1)(1), 1St Floor, Room No. 136, Known As ‘Calyon Bank’) Vs. 11Th Floor, Hoechst House, Scindia House, N.M. Marg, Nariman Point, Mumbai-400021. Ballard Pier, Mumbai-400038. Pan: Aaccc3872B Appellant) : Respondent)

transfer pricing order under section 92CA(3) by 29.01.2014 whereas the order is passed on 30.01.2014. Therefore, applying the ratio laid down by the Hon'ble Madras High Court in the above case, we hold that the order passed by the TPO making the TP Adjustment is barred by limitation and accordingly liable to be quashed. Hence, the TP Adjustment

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,MUMBAI vs. THE DY-CIT (INT. TAXATION)-2(1)(1), MUMBAI

Accordingly these grounds are dismissed as not pressed

Bench: Smt Beena Pillai, Jm & Ms Padmavathy S, Am I.T. (Tp) A. No. 1479/Mum/2015 (Assessment Year: 2010-11) Credit Agricole Corporate & Dcit (International Taxation)- Investment Bank (Formerly 2(1)(1), 1St Floor, Room No. 136, Known As ‘Calyon Bank’) Vs. 11Th Floor, Hoechst House, Scindia House, N.M. Marg, Nariman Point, Mumbai-400021. Ballard Pier, Mumbai-400038. Pan: Aaccc3872B Appellant) : Respondent)

transfer pricing order under section 92CA(3) by 29.01.2014 whereas the order is passed on 30.01.2014. Therefore, applying the ratio laid down by the Hon'ble Madras High Court in the above case, we hold that the order passed by the TPO making the TP Adjustment is barred by limitation and accordingly liable to be quashed. Hence, the TP Adjustment

DCIT 2(2)(2), MUMBAI vs. THE HONGKONG AND SHANGHAI BANKING CORP LTD, MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

section 44C, the deduction of head office expenses is allowed in the following manner:  An amount equal to 5 per cent of adjusted total income; or  Amount of so much of the expenditure in the nature of head office expenditure incurred by the Assessee as is attributable to the business or profession of the Assessee in India whichever

DDIT (IT) 3(1), MUMBAI vs. HONGKONG & SANGHAI BANKING CORPORATION LTD, MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No.7336/Mum/2010 (Assessment Year :2004-05) & ITA No.4765/Mum/2016 (Assessment Year :2005-06) The Hongkong & Shanghai Banking Corporation Ltd. Srnior Vice President Tax, India Area Management 5th Floor, Hongkong Bank Building, 52/60, MG Road Fort, Mumbai – 400 001 (Appellant) Vs. The Joint Director of Income Tax (International Taxation)-3, Mumbai 1st Flo

section 44C, the deduction of head office expenses is allowed in the following manner:  An amount equal to 5 per cent of adjusted total income; or  Amount of so much of the expenditure in the nature of head office expenditure incurred by the Assessee as is attributable to the business or profession of the Assessee in India whichever

THE HONGKONG & SHANGHAI BANKING CORPORATION LTD,MUMBAI vs. DDIT (IT) 3(1), MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Shanghai Banking Corporation Ltd. Srnior (Vice President)

section 44C, the deduction of head office expenses is allowed in the following manner:  An amount equal to 5 per cent of adjusted total income; or  Amount of so much of the expenditure in the nature of head office expenditure incurred by the Assessee as is attributable to the business or profession of the Assessee in India whichever

THE HONG KONG & SHANGHAI BANKING CORPORATION LTD.,MUMBAI vs. JT. DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION) - RANGE -3, MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

section 44C, the deduction of head office expenses is allowed in the following manner:  An amount equal to 5 per cent of adjusted total income; or  Amount of so much of the expenditure in the nature of head office expenditure incurred by the Assessee as is attributable to the business or profession of the Assessee in India whichever

DCIT (IT) -1(2)(1), MUMBAI vs. THE BANK OF NOVA SCOTIA, MUMBAI

transfer pricing adjustments were dismissed as not pressed. The issue of expatriate salary was allowed in favor of the assessee, reversing the CIT(A)'s disallowance. The applicability of Section 115A to interest income and deduction of interest paid to the head office were decided based on earlier pronouncements.", "result": "Partly Allowed", "sections": [ "14A", "10(15)", "92C", "44C

THE BANK OF NOVA SCOTIA,MUMBAI vs. ADDL CIT (IT) 3, MUMBAI

In the result, the appeals of the assessee are partly allowed and\nappeals of the revenue are also partly allowed

transfer pricing methodologies while allowing others.", "result": "Partly Allowed", "sections": [ "Sec. 14A", "Sec. 10(15)", "Sec. 92C", "Sec. 44C", "Sec. 115A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.,MUMBAI vs. DCIT (IT)-1(1)(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2014-15 Australia & New Zealand Deputy Commissioner Of Banking Group Ltd. Income-Tax – 1(1)(2), Unit A, Sixth Floor, Mumbai Cnergy Centre, Appasaheb Marathe Marg, Vs. Prabhadevi, Mumbai – 400 025 (Pan : Aaica3008P) (Appellant) (Respondent) Present For: Assessee : Shri Madhur Agrawal, Advocate Revenue : Shri Annavaram K., Sr. Dr Date Of Hearing : 14.11.2025 Date Of Pronouncement : 12.02.2026 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Final Assessment Order Passed Pursuant To The Directions Of The Dispute Resolution Panel-1, Mumbai, (Drp) Vide Order Dated 04.09.2018 U/S. 144C(5) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), For Assessment Year 2014-15. 2. Grounds Taken By The Assessee Are Reproduced As Under: Ground 1: Determination Of The Arm'S Length Price (Alp) Of The International Transaction Relating To Processing Fees Received On Account Of Guarantees Issued To Indian Companies Based On Counter-Guarantee From Overseas Branches

transfer pricing adjustment of Rs 63,93,140, by re-computing the ALP of the international transaction undertaken by ANZ Mumbai relating to marketing support services provided by ANZ Mumbai to its AEs in respect of derivative products. Ground 4: Rejecting the Transactional Net Margin Method (TNMM) used by the Appellant and adopting revenue split under Profit Split Method

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,MUMBAI vs. DCIT (IT) 2(1)(1), MUMBAI

Accordingly these grounds are dismissed as not pressed

transfer pricing order under Section 92CA(3) by\n29.01.2014 whereas the order is passed on 30.01.2014. Therefore, applying the\nratio laid down by the Hon'ble Madras High Court in the above case, we hold that\nthe order passed by the TPO making the TP Adjustment is barred by limitation and\naccordingly liable to be quashed. Hence, the TP Adjustment