2006 (12) TMI 89

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....e that the assessee, a non-resident company, has its head office at Singapore and a sole branch office in India in connection with the exploration of oil. The finding returned by the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal ("the ITAT") is that the expenses incurred by the assessee at its head office on account of administration, accounting and management services....

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....d not arise where the assessee's operations are restricted only to India and no part of the expenses is allocable to operations outside India. Although the Assessing Officer did not accept this contention, the Commissioner of Income-tax (Appeals) held in favour of the assessee. The further appeal by the Revenue has been dismissed by the Income-tax Appellate Tribunal by the impugned order. 3. Mr....

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....tes Commercial Bank Ltd. [2003] 262 ITR 55. He submits that the above settled position of law has held the field for nearly two decades, with the Revenue not having not successfully challenged either of these decisions. 5. We are of the view that the present appeals stand covered by the decisions of the Calcutta and Bombay High Courts referred to above. We find no reason to take a different vie....