Direct and exclusive NRI Desk expenses incurred by head office not hit by section 44C

An identical issue has been considered and decided by this Tribunal in assessee’s own case for the assessment year 2002-03, Addl. DIT v. Bank of Bahrain & Kuwait. Respectfully following the order of this Tribunal, the direct and exclusive NRI Desk expenses incurred by head office were allowed in full as same were not hit by section 44C. However, the allocated expenses towards staff cost incurred by OBD and various other Head Office support centres to NRI Desk are to be considered as per provisions of section 44C only subject to verification and correct

Please become a Premium member. If you are already a Premium member, login here to access the full content.