Income earned from foreign branches being PE not taxable in India

IN THE ITAT MUMBAI BENCH ‘B’ Bank of India Versus Deputy Commissioner of Income-tax IT Appeal No. 2781 (Mum.) of 2011 [Assessment year 2003-04] JUNE 15, 2012 ORDER Vivek Varma, Judicial Member – The cross appeal have been filed by the assessee bank and the department against the order of CIT(A) 4, Mumbai, dated 17/02/2011. As the impugned order is the same, for the sake of convenience, we are, passing a consolidated order, covering both the appeals. ITA No. 2781/Mum/2011 (Appeal by the assessee) : 2. The assessee has filed the following grounds of appeal: 01....