Fee in respect of credit card issued by foreign branches not taxable in India: Delhi HC

Advertisement Director of Income Tax New Del Vs ANZ Grindlays Bank (Delhi High Court) Delhi High Court held that fee in respect of credit card being issued by foreign branches would not be taxable in India since amount payable by those card holders would clearly be debt incurred outside India. Facts- The instant appeals impugn the orders of the Income Tax Appellate Tribunal [“Tribunal”] and principally raise a question of allowability of expenses incurred by the respondent/assessee for garnering FCNR deposits which were to be maintained at its Indian branches. The second question which...