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2015 (4) TMI 1041 - BOMBAY HIGH COURT

2015 (4) TMI 1041 - BOMBAY HIGH COURT - TMI - Deduction of expenses incurred at the head office directly in relation to Indian branches - expenses incurred for solicitation of deposits from NRI I.E. NRI marketing expenses - Non-resident banking company assessee contended the same to be not covered by the provisions of section 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 .....

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n net basis - Held that:-we find that the income chargeable at special rate under section 115A ought to be on gross basis and not on net basis did not really arise from the assessment or the assessment order. In that regard we find that the Tribunal in its order particularly at page 102 onwards has found that the said question and pertaining to the allowability of expenditure incurred in respect of earning dividend and interest income liable to tax at special rate under section 115A was, in any .....

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by the Tribunal. We do not find that such a course can, therefore, raise any substantial question of law. - Decided against revenue - INCOME TAX APPEAL NO. 1294 OF 2013 - Dated:- 1-4-2015 - S.C. DHARMADHIKARI & A.K. MENON, JJ. Mr. Tejveer Singh for the Appellant. Mr. Percy Pardiwalla, senior counsel with Mr. Nishant Thakkar i/b PDS Legal for the Respondent. P.C. : 1. This appeal of the Revenue challenges the order dated 8th August, 2012, passed by the Income Tax Appellate Tribunal, Mumbai. .....

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of 2011. A Division Bench of this Court has dismissed the appeal of the Revenue following the judgment of this Court in the case of Commissioner of Income Tax vs. Emirates Commercial Bank Ltd., 262 ITR 55. 4. He, therefore, submits that Question No.1 can safely be held to be covered against the Revenue. 5. However, he would submit that Question No.2 is a substantial question of law. In relation to that we find that the income chargeable at special rate under section 115A ought to be on gross bas .....

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