https://www.taxtmi.com/caselaws?id=234054 The appeal against charging business income at a 48% rate for foreign companies was dismissed. The interest received on Nostro Account and overseas placements was not pressed, leading to its dismissal. Interest paid to Head Office/overseas branches was allowed as a deduction. The levy of interest under section 234D was upheld. Exemption under section 10(15) was partly allowed. The write back of provision for revaluation of investments was held taxable. Benefit on unmatured forex contracts was deemed taxable. Expenses for mobilization of India Millennium Deposit were allowed as a deduction. Cross appeals were partly allowed, and the cross objection was dismissed. en-us Wed, 22 May 2013 00:00:00 +0530 Sat, 02 Nov 2013 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234054 The appeal against charging business income at a 48% rate for foreign companies was dismissed. The interest received on Nostro Account and overseas placements was not pressed, leading to its dismissal. Interest paid to Head Office/overseas branches was allowed as a deduction. The levy of interest under section 234D was upheld. Exemption under section 10(15) was partly allowed. The write back of provision for revaluation of investments was held taxable. Benefit on unmatured forex contracts was deemed taxable. Expenses for mobilization of India Millennium Deposit were allowed as a deduction. Cross appeals were partly allowed, and the cross objection was dismissed. Case-Laws Income Tax Wed, 22 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234054