2020 (1) TMI 1145

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....ncome Tax Act, 1961 (briefly "the Act" hereinafter) assailing the legality and correctness of order dated 24th June, 2016 passed by the Income Tax Appellate Tribunal (ITAT), Mumbai in ITA No.3260/Mum/2012 for the assessment year 2007-08. 3. The appeal has been preferred on the following questions, projected as substantial questions of law:- "(i) Whether on facts and circumstances of the case and in law, the ITAT was correct in directing the Assessing Officer to follow the ratio of decision in case of M/s Credit Lyonnais (ITA No.1935/Mum/2007 dated 30.09.2013) and M/s Calyon Bank (ITA No.4474/M/2009 dated 21.03.2014) when the facts of those cases are not similar to facts of the assessee and hence cannot be considered as a valid comparable....

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....rder, Tribunal relied upon a decision of the Coordinated Bench of the Tribunal in the case of M/s Credit Lyonnais Vs. ADIT decided on 30th September, 2012 where it was held as under:-   '8.8 Having held that para 4 of the Protocol does not apply to the case of the assessee, now, the question arises as to whether the adjustment made by the authorities below is justified. For making the adjustment, the authorities below have taken into consideration, the income towards interest as well as the fee charged by the foreign branch from the clients. It is pertinent to note that when the loan is provided by the syndicate and the assessee has not contributed to the loan amount then as regards the income of interest, the same cannot be attribut....