2023 (10) TMI 560

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....hir Bhatia, Sr Standing Counsel with 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 r....

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.... not be subjected to the provisions of Section 44C of the Act. This finding of 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 accomm....

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....n the grounds that these are general head office & administrative expenses which fall under section 44C 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 i....

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.... Act and hence, appeal of the assessee on this ground is allowed..." 4. The certificate of KPMG, which we have perused, 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....