NRI expense for business purpose by non-resident bank allowable

Standard Chartered Grindlays Bank Vs ACIT (ITAT Delhi) The assessee is a non-resident banking company which carries on the business of banking and other related activities through its branches in India in accordance with the provisions of Banking Regulation Act, 1949. During the year, Indian Permanent Establishment (in short PE) of the assessee bank in India incurred NRI expenses for soliciting and mobilization of deposits in foreign currency from Non Resident Indian (NRIs) to be placed in India. As these expenses were related wholly and exclusively to the Indian PE of the assessee’s busines...