https://www.taxtmi.com/caselaws?id=239345 The Tribunal upheld the disallowance of deductions for fees paid to MasterCard International, losses incurred, and expenses of the Jakarta office. However, it directed verification and allowance of deductions for New York and Tokyo branch taxes, expenses under section 14A, and fees paid to MasterCard/Visa International. The Tribunal advised the assessee to appeal regarding the application of Minimum Alternate Tax (MAT) and upheld the exclusion of foreign branch profits from total income. The Tribunal partially allowed the assessee's appeal and dismissed the department's appeal on 8th May 2013. en-us Wed, 08 May 2013 00:00:00 +0530 Tue, 12 Nov 2013 06:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239345 The Tribunal upheld the disallowance of deductions for fees paid to MasterCard International, losses incurred, and expenses of the Jakarta office. However, it directed verification and allowance of deductions for New York and Tokyo branch taxes, expenses under section 14A, and fees paid to MasterCard/Visa International. The Tribunal advised the assessee to appeal regarding the application of Minimum Alternate Tax (MAT) and upheld the exclusion of foreign branch profits from total income. The Tribunal partially allowed the assessee's appeal and dismissed the department's appeal on 8th May 2013. Case-Laws Income Tax Wed, 08 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239345