https://www.taxtmi.com/caselaws?id=219715 The Tribunal partly allowed the appeals, directing the Assessing Officer to re-evaluate certain issues and deciding others based on precedents and consistent practices. The Tribunal upheld the deletion of net interest and commission received from the head office, disallowance of broken period interest on PSU bonds, and taxability of income at the rate applicable to non-resident companies. It also allowed the deduction of loss on revaluation of unmatured forward foreign exchange contracts and excess interest paid on FCNR-B Deposit. The Tribunal directed exclusion of interest/commission received from head office/branches and disallowed gain on Forex contracts. Additionally, it upheld the allowance of broken period interest paid as an expense and exemption on gross interest earned from tax-free securities. en-us Fri, 21 Sep 2012 00:00:00 +0530 Sat, 25 May 2013 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219715 The Tribunal partly allowed the appeals, directing the Assessing Officer to re-evaluate certain issues and deciding others based on precedents and consistent practices. The Tribunal upheld the deletion of net interest and commission received from the head office, disallowance of broken period interest on PSU bonds, and taxability of income at the rate applicable to non-resident companies. It also allowed the deduction of loss on revaluation of unmatured forward foreign exchange contracts and excess interest paid on FCNR-B Deposit. The Tribunal directed exclusion of interest/commission received from head office/branches and disallowed gain on Forex contracts. Additionally, it upheld the allowance of broken period interest paid as an expense and exemption on gross interest earned from tax-free securities. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219715