2015 (1) TMI 871

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....ent : Md. Nizamuddin, Adv. The Court : This appeal has been preferred under section 260A of the Income Tax Act, 1961 against the order dated 13.1.2003 passed by the learned Income Tax Appellate Tribunal "A" Bench, Kolkata in M.A. No. 218/Kol/2002 arising out of ITA No. 635/Cal/99 filed by the Joint Commissioner of Income tax, Special Range-3, Kolkata in the case of The Bank of Tokyo-Mitsubishi ....

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....der section 195 of the Income Tax Act, 1961 ? By consent of the parties, the appeal is taken up for hearing. We are in respectful agreement with the reasoning given in ABN Amro (supra) wherein it has been held as under : "...An unnecessary complication has been created by the interpretation made of section 40(a)(i ) of the Income Tax Act read with section 195 of the Act by both the appellant....

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....s chargeable under the Act. In other words, this remittance of interest must result in an income which is chargeable under the Act. In those circumstances tax may be deducted at source. But where this interest is not so chargeable, no tax is deducted. In this case, by virtue of the above convention, the head office of the appellant is not liable to pay any tax under the Act. Therefore, in our opin....