Joint Secretary’s Letter Can’t Override Income Tax Act: Calcutta HC

Royal Bank of Scotland N.V. Vs CIT (Calcutta High Court) So far as the letter dated 21.11.1994 issued by Joint Secretary and addressed to Chief Commissioner of Income Tax II Kolkata is concerned, ITAT find that it was written in response to a D.O. letter of the Chief Commissioner. The letter of the Joint Secretary merely informs that “the matter has been looked into and the board is of the opinion that the tax rate applicable in the case of ABN AMRO BANK would be the same as for an Indian Company at the relevant tax rate applicable for the concerned assessment years”. The said letter is a ...