{"id":17038,"date":"2021-04-18T18:28:39","date_gmt":"2021-04-18T12:58:39","guid":{"rendered":"https:\/\/itatonline.org\/digest\/bank-of-india-v-acit-mum-trib-www-itatonline-org\/"},"modified":"2022-03-27T13:07:39","modified_gmt":"2022-03-27T07:37:39","slug":"bank-of-india-v-acit-mum-trib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/bank-of-india-v-acit-mum-trib-www-itatonline-org\/","title":{"rendered":"Bank of India v. ACIT ( 2021 ) 201 DTR 1 \/ 210 TTJ 649  ( Mum) (Trib) www.itatonline .org"},"content":{"rendered":"<p>The assessee is a major Indian bank, with several branches abroad- a few in the treaty partner jurisdictions,\u00a0i.e.,\u00a0the 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 ;<\/p>\n<ul>\n<li>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?<\/li>\n<\/ul>\n<ul>\n<li>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?<\/li>\n<\/ul>\n<p>The\u00a0 Tribunal held that\u00a0 The assessee is declined the foreign tax credits for Rs. 182,64,22,948, and, accordingly, held \u00a0\u00a0that 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.\u00a0 4-3 \u20132021 (AY. 2012-13 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 90: Foreign tax Credit \u2013 Not allowed as refund \u2013 Deduction of taxes paid &#8211; Allowed in computation -DTAA- [S. 28(1), 37(1),  91; Art, 24] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17038","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4qO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17038"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17038\/revisions"}],"predecessor-version":[{"id":26060,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17038\/revisions\/26060"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}