Bona Fide Banking Business in Mauritius Exempt from Income Tax in India: Bombay HC grants Relief to HSBC Bank [Read Order]

The Bombay HC noted that the bona fide banking business in Mauritius is exempt from income tax in India, thereby granting a major relief to HSBC Bank
By Kalyani B. Nair - On February 9, 2024 11:00 am - 2 mins read
Bombay HC - Bombay High Court - HSBC Bank - HSBC Bank tax exemption - Bombay High Court HSBC ruling - Taxscan

In a major relief to HSBC Bank, the Bombay High Court noted that the bona fide banking business in Mauritius is exempt from income tax in India. Respondent-Assessee is a Limited Liability Company incorporated and registered in and tax resident of Mauritius. It is admittedly a Foreign Institutional Investor ( “FII” ) duly licensed by…

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