https://www.taxtmi.com/caselaws?id=233789 The Tribunal allowed the deduction of net loss on foreign exchange contracts, upheld tax neutrality on interest income and expenditure between the assessee and its Head Office/Overseas branches, dismissed the disallowance of professional fees not pressed by the assessee, allowed the deduction of broken period interest, remitted the matter of guarantee commission for fresh adjudication, partly allowed disallowance of interest expenditure on tax-free bonds, upheld the inclusion of net interest income for book profit computation, remitted issues regarding deduction for bad debts and applicability of sections to foreign banks for fresh consideration, and dismissed the claim of income arising from interest paid by the Indian branch to the Head Office based on the principle of mutuality. en-us Wed, 09 Jan 2013 00:00:00 +0530 Sat, 19 Mar 2016 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233789 The Tribunal allowed the deduction of net loss on foreign exchange contracts, upheld tax neutrality on interest income and expenditure between the assessee and its Head Office/Overseas branches, dismissed the disallowance of professional fees not pressed by the assessee, allowed the deduction of broken period interest, remitted the matter of guarantee commission for fresh adjudication, partly allowed disallowance of interest expenditure on tax-free bonds, upheld the inclusion of net interest income for book profit computation, remitted issues regarding deduction for bad debts and applicability of sections to foreign banks for fresh consideration, and dismissed the claim of income arising from interest paid by the Indian branch to the Head Office based on the principle of mutuality. Case-Laws Income Tax Wed, 09 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233789