TMI Blog2015 (4) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... on 44C – - Held that:- Held that:- Exclusive expenses incurred by the head office for Indian branch are outside the purview of sec. 44C and only common head office expenses are governed by this section. Once the amount is found to be incurred exclusively by H.O. towards the Indian branch, the same is required to be allowed in terms of section 37(1) without any reference to section 44C. See ADIT(I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue.It has found that the assessee in the instant case is carrying on composite business earning incomes which are either not at all chargeable to tax or chargeable to tax at lower rate or chargeable to tax at regular rate. Section 14A has been referred by the Tribunal in that regard. The judgment of the Hon'ble Supreme Court in the case of Rajasthan State Warehousing Corporation vs. Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stantial questions of law are formulated at page 5 of the paper book. 3. However, he fairly states that in the case of this very assessee and an identical question as Question No.1 was dealt with by this Court in Income Tax Appeals (Lodg) Nos.775, 776, 780 of 2011 and Income Tax Appeal No.1867 of 2011. A Division Bench of this Court has dismissed the appeal of the Revenue following the judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and against the Revenue. The Tribunal found that the ground which has been raised by the Revenue is academic. Why it has been termed as academic is discussed in paragraph 6 of the Tribunal's order. It has found that the assessee in the instant case is carrying on composite business earning incomes which are either not at all chargeable to tax or chargeable to tax at lower rate or chargeable to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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