2013 (2) TMI 712

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....ctions waived. 2. In this appeal by the revenue following substantial questions of law have been raised for our consideration. (a) Whether the ITAT is correct in deleting the addition made by the A.O. on account of interest paid by Indian Branch of the assessee bank to its head office and other overseas branch without considering the fact that the payments made by the branch to the Head offi....

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....t the end of guarantee period? 3. So far as question (b) is concerned, the Tribunal in the impugned order upheld the finding of the CIT(A) wherein a finding of fact has been reached that the dividend earned on shares by the respondent assessee is from its investments in shares out of the respondent-assessee's own funds. Consequently, the question of invoking Section 14A of the Income Tax Ac....

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.... to its clients the part of the guarantee commission attributable to the unexpired period of the guarantee. This finding of fact was upheld by the Tribunal while following the decision of the Calcutta High Court in the matter of CIT v. Bank of Tokyo Ltd. [1993] 71 Taxman 85 wherein it has been held that the income earned from deferred guarantee commission did not accrue or arise to an assessee in ....