THE COMMISSIONER OF INCOME TAX - INTERNATIONAL TAXATION -3 vs STANDARD CHARTERED GRINDLAYS LTD

IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 16.01.2025 ITA 388/2019 THE COMMISSIONER OF INCOME TAX - INTERNATIONAL TAXATION -3 .....Appellant Through: Mr. Indruj Singh Rai, SSC with Mr. Sanjeev Menon, Mr. Rahul Singh, JSCs, Mr. Anmol Jagga & Mr. Gaurav Kumar, Advs. versus STANDARD CHARTERED GRINDLAYS LTD .....Respondent Through: Ms. Shashi M. Kapila, Mr. Pravesh Sharma & Mr. Sushil Kumar, Advs. CORAM: HON'BLE MR. JUSTICE YASHWANT VARMA HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT YASHWANT VARMA, J. (Oral) 1. This appeal is directed against the order of the Income Tax Appellate Tribunal1 dated 30 November 2017 and came to be admitted on 15 April 2019 on the following question of law:- "i) Whether the ITAT erred in allowing the deduction claimed by the assessee in respect of the expenses incurred on soliciting and mobilization of foreign currency deposits from Non-Resident Indians on the assessee's Indian business in the backdrop of Section 44C of the Income Tax Act, 1961? 1 Tribunal ITA 388/2019 9.81 crores as expenditure on account of contribution to approved pension funds ignoring the provisions of Section36(l)(iv) and 40A(9) of the Act read with R