https://www.taxtmi.com/caselaws?id=120819 Broken period interest on securities was treated as deductible, following binding jurisdictional precedent and the assessee's earlier year decision. Interest accrued after the coupon date was included in income because the assessee conceded the point. Club entrance fees and annual subscription were allowed as business expenditure, and staff get-together was not disallowed as it was treated as incurred exclusively for employees. Interest received from overseas branches was held taxable in India on the basis that Indian banking operations are to be computed as a separate profit centre. Interest credited to suspense account on doubtful loans was also held taxable, subject to no double taxation on actual receipt. Excess interest paid under the Portfolio Management Scheme was disallowed for failure to establish genuine PMS transactions and because RBI guidelines were treated as binding. en-us Fri, 30 Nov 2007 00:00:00 +0530 Tue, 24 Jul 2012 16:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120819 Broken period interest on securities was treated as deductible, following binding jurisdictional precedent and the assessee's earlier year decision. Interest accrued after the coupon date was included in income because the assessee conceded the point. Club entrance fees and annual subscription were allowed as business expenditure, and staff get-together was not disallowed as it was treated as incurred exclusively for employees. Interest received from overseas branches was held taxable in India on the basis that Indian banking operations are to be computed as a separate profit centre. Interest credited to suspense account on doubtful loans was also held taxable, subject to no double taxation on actual receipt. Excess interest paid under the Portfolio Management Scheme was disallowed for failure to establish genuine PMS transactions and because RBI guidelines were treated as binding. Case-Laws Income Tax Fri, 30 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120819