MUFG Bank Ltd, 5 th Floor, Worldmark 2, Asset 8, Aerocity, NH 8, New Delhi Vs. ACIT (International Taxation), Circle 2(2)(1), New Delhi |
This appeal is filed by the assessee against the assessment order passed by the Assistant Commissioner of Income Tax, (IT), Circle-2(2)(1), New Delhi (ld AO), u/s 143(3) of The Income Tax Act (The Act) dated 29.08.2019 for Assessment Year 2015-16.
2. The assessee has raised following grounds of appeal:-
“1 Disallowance of salary paid overseas to expatriates of the Appellant working in India by the Head Office („HO‟) and the Indian taxes paid thereon by the HO: INR 48,41,53,789
1.1 That on the facts and in the circumstances of the case and in law, the Hon‟ble Dispute Resolution Panel („DRP‟) erred in confirming the addition, as proposed in the draft assessment order, for an amount of INR 48,41,53,789 paid as salaries by the HO overseas, in foreign currency (including Indian taxes thereon), without appreciating that such salary paid by the HO to the expatriate employees working in India exclusively for the Permanent Establishment ('PE') of the Appellant, is fully allowed as deduction under section 37(1) of the Act.
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