TMI Blog2023 (10) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... .2 Thus, the cost attributable to India, at the exchange rate of Rs. 48.50 per USD, would amount to Rs. 51,440,312/- for the relevant period. This amount has been certified by KPMG. As noted above, the expenses incurred by the respondent/assessee were solely for the Indian business. Clearly, these expenses do not fall within the ambit of Section 44C, which relates to the deduction of head office expenses in case of non- residents. No substantial question of law. - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE GIRISH KATHPALIA For the Appellant Through: Mr Ruchir Bhatia, Sr Standing Counsel with Ms Deeksha Gupta, Adv. For the Respondent Through: Ms Shashi M Kapila, Adv. RAJIV SHAKDHER, J.: (OR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted today 3. As would be evident upon a perusal of the above-captioned extract, we had stood over the matter to enable Mr Bhatia to place the certificate issued by KPMG on record; a vital document, considered by the Income Tax Appellate Tribunal [in short, Tribunal ]. 3.1 This document has, since then, been placed on record. The document s significance can be appreciated when one has regard to observations made by the Tribunal in paragraphs 4, 5, and 6 of the impugned order. 3.2 For the sake of convenience, the observations made by the Tribunal in the said paragraphs are set out hereafter: 4. The Assessing Officer disallowed the expenses which were incurred only for the Indian business outside India on the grounds that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iod 1 January 2002 to 31 December 2002. A copy of the Certificate and our independent review report, dated 23 June 2003, is attached to this letter. We confirm that the Gross Receipts of Standard Chartered Grindlays India Branches ('India Branches') of USD 66,561 ('000), as stated in the attached Certificate, represent the Gross Receipts of India Branches for the period 1 January 2002 until 31 August 2002 inclusive. Please contact myself on (02) 9335-7569 or Shaun Kendrigan on the above if you have any questions. 4.1 The statement of the auditor attached to the certificate shows that for the period ending on 31.12.2002, out of the gross receipts of USD 66,561,000/-, the cost directly attributable to India were adviso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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