The Mumbai Income Tax Appellate Tribunal (ITAT) delivered a ruling dated 9 October 2007 in the case of ICICI Bank Ltd. v. Deputy Commissioner of Income Tax, (International Taxation) 3(1), Mumbai (IT Appeal No. 486 (Mum.) of 2004) on whether tax should be withheld on the payments by an Indian bank to a foreign credit rating agency (CRA), when the CRA has no permanent establishment (PE) in India. (a) Facts. The Taxpayer (i.e. ICICI Bank Ltd.) was an Indian bank and had appointed a CRA in the United States (US) for the purpose of rating its floating rate of Euro-notes...