https://www.taxtmi.com/caselaws?id=219625 The Tribunal upheld the decision to charge business income at the rate of 48% applicable to foreign companies, citing a similar case precedent. It ruled that interest income from NOSTRO and overseas placements was not taxable under the principle of mutuality, and no deduction for interest expenditure to head offices or overseas branches was allowed. Disallowance of entertainment expenses was rejected due to the omission of relevant provisions. The deduction for loss on valuation of securities was partially allowed, pending verification. Estimated profit on unmatured forward exchange contracts was upheld. Expenses related to tax-free income were partly disallowed, with a directive to disallow a percentage for administrative expenses. Interest application under Section 234C was dismissed as a consequential ground. en-us Wed, 10 Oct 2012 00:00:00 +0530 Wed, 30 Oct 2013 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219625 The Tribunal upheld the decision to charge business income at the rate of 48% applicable to foreign companies, citing a similar case precedent. It ruled that interest income from NOSTRO and overseas placements was not taxable under the principle of mutuality, and no deduction for interest expenditure to head offices or overseas branches was allowed. Disallowance of entertainment expenses was rejected due to the omission of relevant provisions. The deduction for loss on valuation of securities was partially allowed, pending verification. Estimated profit on unmatured forward exchange contracts was upheld. Expenses related to tax-free income were partly disallowed, with a directive to disallow a percentage for administrative expenses. Interest application under Section 234C was dismissed as a consequential ground. Case-Laws Income Tax Wed, 10 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219625