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ITAT upheld the AO's inclusion of income of the taxpayer's foreign branches (Singapore and Sri Lanka), dismissing the taxpayer's challenge to exemption/credit treatment. On foreign-currency fluctuation arising from restatement of foreign-branch accounts, ITAT found a breach of natural justice-AO had not given a show-cause notice-and remitted the issue to the AO for de novo adjudication after hearing the taxpayer (allowed for statistical purposes). Regarding deduction of education cess, ITAT reversed the CIT(A)'s allowance, disallowing the cess as an expenditure under the Act and allowing the revenue's appeal.
ITAT upheld the AO's inclusion of income of the taxpayer's foreign branches (Singapore and Sri Lanka), dismissing the taxpayer's challenge to exemption/credit treatment. On foreign-currency fluctuation arising from restatement of foreign-branch accounts, ITAT found a breach of natural justice-AO had not given a show-cause notice-and remitted the issue to the AO for de novo adjudication after hearing the taxpayer (allowed for statistical purposes). Regarding deduction of education cess, ITAT reversed the CIT(A)'s allowance, disallowing the cess as an expenditure under the Act and allowing the revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
