The assessee is a major Indian bank, with several branches abroad- a few in the treaty partner jurisdictions, i.e., the countries with which India has entered into Double Taxation Avoidance Agreements under section 90, and remaining in the non-treaty partner jurisdictions. The issue before the Tribunal was ;

• Whether or not, on the facts and in the circumstances of this case, learned CIT(A) was justified in upholding the action of the Assessing Officer, in declining refund to the assessee for Rs. 165,96,87,349 for income tax paid in treaty partner jurisdictions, for Rs. 15,79,80.943 for income tax paid in non- treaty partner jurisdictions and for Rs. 87,54,656 in respect of dividend taxes abroad?

• Whether or not the learned CIT(A) was justified in upholding the action of the Assessing Officer in declining deduction, in the computation of business income, of Rs. 182,64,22,948 in respect of taxes so paid abroad?

The  Tribunal held that  The assessee is declined the foreign tax credits for Rs. 182,64,22,948, and, accordingly, held   that the assessee is not entitled to seek a refund of that money from the Indian tax exchequer. The claim of the assessee that these taxes paid abroad will be allowed as a deduction in the computation of the business income of the assessee is upheld. ( ITA No. 869/Mum/2018 dt.  4-3 –2021 (AY. 2012-13 )