https://www.taxtmi.com/caselaws?id=215644 The Appellate Tribunal ITAT, Mumbai, ruled in favor of the assessee in a case involving various tax issues for assessment years 2002-03 and 2003-04. The Tribunal held that interest paid by Indian Branches to the Head Office and overseas branches did not give rise to taxable income in India, leading to the deletion of the addition. Additionally, expenditure incurred in earning exempt income was allowed as it was funded from the assessee's own funds. The Tribunal also upheld the assessee's method of declaring guarantee commission on an accrual basis, dismissing the revenue's appeal. en-us Wed, 20 Jun 2012 00:00:00 +0530 Mon, 20 Jul 2026 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215644 The Appellate Tribunal ITAT, Mumbai, ruled in favor of the assessee in a case involving various tax issues for assessment years 2002-03 and 2003-04. The Tribunal held that interest paid by Indian Branches to the Head Office and overseas branches did not give rise to taxable income in India, leading to the deletion of the addition. Additionally, expenditure incurred in earning exempt income was allowed as it was funded from the assessee's own funds. The Tribunal also upheld the assessee's method of declaring guarantee commission on an accrual basis, dismissing the revenue's appeal. Case-Laws Income Tax Wed, 20 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215644