Higher rate of tax in case of foreign company is not in violation of non-discrimination clause

BNP Paribas Vs ACIT (ITAT Mumbai) ITAT Mumbai held that rate of tax in case of foreign company is higher than rate of tax in case of domestic company and as per the Explanation in the Section 90, inserted in the IT Act with retrospective effect from 01-04-1962 the should not be regarded as violation of nondiscrimination clause. Facts- The assessee is a commercial bank having its head office in France. The assessee is having 8 branches in India and is involved in normal banking activities including financing of foreign trade and foreign exchange transactions. AO noticed that the assessee has co...