Cost to be allocated for credit monitoring by Indian branch for its peer foreign branch

IN THE ITAT MUMBAI BENCH ‘L’ Sumitomo Mitsui Banking Corporation V/s. Deputy Director of Income-tax (IT), Range 2(1) IT APPEAL NOS. 5402 & 5458 (MUM.) OF 2006 [Assessment Year 2003-04] JUNE 29, 2012 ORDER I.P. Bansal, Judicial Member These are cross appeals directed against the order passed by Ld. CIT(A) XXXI, Mumbai dated 31/07/2006 for assessment year 2003-04. The grounds of appeal of the assessee as well as revenue are as under: Grounds of Appeal of the Assessee: “Based on the facts and the circumstances of the case, and in law, the learned Commissione...