Expenditure incurred for Bank NRI Mobilisation expenditure paid to the agent for mobilization and collection of India Millennium Deposits (IMD) is allowable. (Arising out of ITA No.4670/Mum/2005, dt.20/11/2015)(ITA No.1588 of 2016, dt.04/03/2019)(AY.2001 – 2002)
CIT v. Hongkong and Shanghai Banking Corporation Ltd (2020) 114 taxmann.com 275 (Bom.)(HC) Editorial: SLP of revenue is dismissed (SLP (C )No.19466 of 2019dt )(2019) 418 ITR 9 (St) (SC)/ (2020) 114 taxmann.com 276 (SC)
S.37(1) : Business expenditure – Capital or revenue – Bank NRI mobilisation expenditure – Amount paid to vacating the premises – Held to be allowable