Held that credit cards had been issued by foreign branch of assessee-bank and credit was given to customer outside India and debt had also arisen outside India, fees charged by foreign branch for providing and extending a credit line to account holder outside India in respect of credit cards issued by foreign branch and used in India would not be taxable in India. Order of Tribunal is affirmed. (AY. 1992-93, 1994-95, 1995-96)
DIT v. ANZ Grindlays Bank (2024) 301 Taxman 599 (Delhi)(HC)
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Fees charged by foreign branch for providing and extending a credit line to account holder outside India in respect of credit cards issued by foreign branch and used in India is not taxable in India-Order of Tribunal is affirmed. [S. 260A]