9911796707
TMI Blog2023 (10) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms Deeksha Gupta, Adv. For the Respondent Through: Ms Shashi M Kapila, Adv. RAJIV SHAKDHER, J.: (ORAL) 1. We had heard this matter briefly when the appeal came up for the first time, i.e., on 14.03.2023. 2. Mr Ruchir Bhatia, learned senior standing counsel who represents the respondents/revenue, made certain assertions whereupon, the following was recorded: "1. This appeal concerns Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact is recorded in paragraph 4 to 6 of the impugned order. 7. Mr Ruchir Bhatia, learned senior standing counsel who appears on behalf of the respondent/revenue, will place on record the certificate issued by KPMG which according to us, will shed light on the issue at hand. 8. Mr Bhatia seeks an accommodation, on the ground that he did not expect the matter to be listed today..." 3. As wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C of the Income Tax Act, 1961 and hence are subject to the ceiling under section 44C. (page 4 of AO.). However, the fact of the matter is that the amount of Rs. 5.14 Cr. or the costs directly attributable to the operations pertaining to India for the period 01.04.2002 to 31.08.2002. The expenses incurred by the assessee is on account of purchased Grindlays Bank from ANZ on 01.08.2000. As a consequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erused, reveals the following: "We have reviewed the Standard Chartered Grindlays Bank Limited ("the Bank") Expense Certificate ("the Certificate") for Standard Chartered Grindlays India Branches for the period 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 S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount to Rs. 51,440,312/- for the relevant period. 5. This amount has been certified by KPMG. 6. As noted above, the expenses incurred by the respondent/assessee were solely for the Indian business. 7. 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. 8. Therefore, in our view, no substantial q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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