https://www.taxtmi.com/caselaws?id=241966 The Tribunal allowed the appeal partly, deleting the addition of interest received from the Head Office as taxable income. It upheld the disallowance of interest paid to the Head Office under section 40(a)(i) but emphasized no double disallowance. Disallowance of transaction charges on Nostro Account was deleted. Expenses incurred by the Head Office for Indian branches were allowed under section 37. Expenses for an employee deputed to India were also allowed under section 37. The Tribunal directed the AO to grant the refund and interest as per DRP's directions and review the carry forward of business loss and unabsorbed depreciation. The department's cross-objection was dismissed. en-us Fri, 27 Dec 2013 00:00:00 +0530 Sat, 04 Jan 2014 06:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241966 The Tribunal allowed the appeal partly, deleting the addition of interest received from the Head Office as taxable income. It upheld the disallowance of interest paid to the Head Office under section 40(a)(i) but emphasized no double disallowance. Disallowance of transaction charges on Nostro Account was deleted. Expenses incurred by the Head Office for Indian branches were allowed under section 37. Expenses for an employee deputed to India were also allowed under section 37. The Tribunal directed the AO to grant the refund and interest as per DRP's directions and review the carry forward of business loss and unabsorbed depreciation. The department's cross-objection was dismissed. Case-Laws Income Tax Fri, 27 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241966