https://www.taxtmi.com/caselaws?id=240186 The Tribunal ruled in favor of the assessee on various issues: interest on securities accrues only on due dates, not at year-end; interest receivable by the Indian branch from Head Office/Overseas Branches is not taxable; broken period interest is deductible as revenue expenditure; and no nexus was found between interest/operating expenses and exempt income. The Tribunal remanded the applicability of Section 115JA and computation of disallowance under Section 14A for fresh decisions. The decisions were based on legal precedents to ensure consistency and fairness in tax assessments. en-us Wed, 16 Jan 2013 00:00:00 +0530 Wed, 27 Nov 2013 23:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240186 The Tribunal ruled in favor of the assessee on various issues: interest on securities accrues only on due dates, not at year-end; interest receivable by the Indian branch from Head Office/Overseas Branches is not taxable; broken period interest is deductible as revenue expenditure; and no nexus was found between interest/operating expenses and exempt income. The Tribunal remanded the applicability of Section 115JA and computation of disallowance under Section 14A for fresh decisions. The decisions were based on legal precedents to ensure consistency and fairness in tax assessments. Case-Laws Income Tax Wed, 16 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240186