IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SMT BEENA PILLAI, JM &

MS PADMAVATHY S, AM I.T. (TP) A. No. 1479/Mum/2015 (Assessment Year: 2010-11)

Credit Agricole Corporate and DCIT (International Taxation)-

Investment Bank (Formerly 2(1)(1), known as ‘Calyon Bank’) 1^st Floor, Room No. 136, Vs.

11^th Floor, Hoechst House, Scindia House, N.M. Marg, Nariman Point, Mumbai-400021. Ballard Pier, Mumbai-400038.

PAN: AACCC3872B Appellant) : Respondent I.T.A. No. 1839/Mum/2015 (Assessment Year: 2010-11)

ADIT (International Taxation)- Credit Agricole Corporate and

1(2), Investment Bank, Room No. 119, 1^st Floor, Vs. 11^th Floor, Hoechst House, Scindia House, N.M. Marg, Nariman Point, Mumbai-400021.

Ballard Pier, Mumbai-400038. PAN: AACCC3872B Appellant) : Respondent I.T.A. No. 1273/Mum/2016 (Assessment Year: 2011-12)

Credit Agricole Corporate and DCIT (International Taxation)-

Investment Bank (Formerly 2(1)(1), known as ‘Calyon Bank’) 1^st Floor, Room No. 136, Vs.

11^th Floor, Hoechst House, Scindia House, N.M. Marg, Nariman Point, Mumbai-400021. Ballard Pier, Mumbai-400038.

PAN: AACCC3872B Appellant) : Respondent I.T.A. No. 1165/Mum/2016 (Assessment Year: 2011-12)

DCIT (International Taxation)- Credit Agricole Corporate and

1(1)(1), Investment Bank, Room No. 114, 1^st Floor, 11^th & 12^th and 14^th Floor, Vs.

Scindia House, N.M. Marg, Hoechst House, Nariman Point, Ballard Estate, Mumbai-400038. Mumbai-400021.

PAN: AACCC3872B Appellant) : Respondent I.T.A. No. 2313/Mum/2017 (Assessment Year: 2012-13) I.T.A. No. 4652/Mum/2017 (Assessment Year: 2013-14)

I.T.A. No. 458/Mum/2019 (Assessment Year: 2014-15) I.T.A. No. 7881/Mum/2019 (Assessment Year: 2015-16) I.T.A. No. 1027/Mum/2021 (Assessment Year: 2016-17)

I.T.A. No. 749/Mum/2022 (Assessment Year: 2017-18) I.T.A. No. 1234/Mum/2022 (Assessment Year: 2018-19)

I.T.A. No. 897/Mum/2023 (Assessment Year: 2019-20)

Credit Agricole Corporate and DCIT (International Taxation)-

Investment Bank, 2(1)(1), Vs.

11^th Floor, Hoechst House, 17^th Floor, Room No. 1713, Nariman Point, Mumbai-400021. Air India Building, Nariman Point, PAN: AACCC3872B Mumbai-400021.

Appellant) : Respondent Appellant /Assessee by : Shri Madhur Agarwal / Saurin Safi, AR Revenue / Respondent by : Shri Vivek Perampurna, CIT-DR Date of Hearing : 13.03.2025 Date of Pronouncement : 10.03.2025 O R D E R Per Bench:

These appeals by the assessee and the revenue for Assessment Years (AYs)

2010-11 to 2019-20 have common issues and therefore, these appeals are heard together and disposed of by this common order. The appeals are decided in seriatim of AYs.

ITA No. 1479/Mum/2015 – Assessee's appeal - AY 2010-11

2. This appeal by the assessee is against the final order of assessment passed by the Deputy Commissioner of Income Tax (International Tax)-2(1)(1), Mumbai [for short 'the AO'] under section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (the Act) dated 30.01.2015 for the AY 2010-11.

3. The assessee is a multinational Bank based in France with branch offices in India. The assessee is a non-resident having Permanent Establishment (PE) in India. For AY 2010-11 the assessee filed the return of income on 11.10.2010 declaring a total income of Rs. 3,49,14,26,218/-. The case was selected for scrutiny and the statutory notices were duly served on the assessee. A reference was made to the Transfer Pricing Officer (TPO) who determined the Arm's Length Price (ALP) of certain international transactions of Indian Branch such as back to back guarantee, marketing of ECB loans & derivative transactions to make a Transfer Pricing (TP) adjustment of Rs.51,00,76,850. The AO vide draft order dated 28.03.2014 assessed the income of the assessee at Rs. 470,95,27,240/- (including the TP adjustment) and also assessed the income of the HO, Hongkong Branch and Singapore Branch to the tune of Rs. 131,62,22,653/- in the hands of the assessee. Aggrieved the assessee raised the objections before the Dispute Resolution Panel (DRP). Pursuant to the directions of the DRP, the total