https://www.taxtmi.com/caselaws?id=215712 The Tribunal allowed the assessee's appeals for both assessment years, including the non-taxability of interest received from the Head Office and the full deduction of bad debts without adjusting the opening balance of the provision account. The Tribunal also allowed the deduction of direct expenses incurred by the Head Office for Indian branches under Section 37. Additionally, the Tribunal upheld the CIT(A)'s decision to allow the deduction of additional interest payable on deposits based on the tax audit report. The revenue's appeal for AY 1996-97 was dismissed, while partly allowed for AY 1997-98. en-us Fri, 29 Jun 2012 00:00:00 +0530 Tue, 14 Aug 2012 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215712 The Tribunal allowed the assessee's appeals for both assessment years, including the non-taxability of interest received from the Head Office and the full deduction of bad debts without adjusting the opening balance of the provision account. The Tribunal also allowed the deduction of direct expenses incurred by the Head Office for Indian branches under Section 37. Additionally, the Tribunal upheld the CIT(A)'s decision to allow the deduction of additional interest payable on deposits based on the tax audit report. The revenue's appeal for AY 1996-97 was dismissed, while partly allowed for AY 1997-98. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215712