https://www.taxtmi.com/caselaws?id=242316 The Tribunal held that interest income received from the Head Office is not taxable due to the principle of mutuality. The provision made for excess expenditure was taxed but became infructuous as relief was received in a subsequent assessment year. Claims for broken period interest and bad debts were also deemed infructuous. The Tribunal ruled in favor of the assessee regarding expenses incurred by the Head Office for the Indian Branch Office. However, the deduction for swap costs on un-matured contracts was disallowed. Disallowance under section 40(a)(i) was deleted based on a previous favorable decision. The appeals and cross-objections had mixed outcomes for both the assessee and the revenue. en-us Fri, 22 Mar 2013 00:00:00 +0530 Mon, 13 Jan 2014 09:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242316 The Tribunal held that interest income received from the Head Office is not taxable due to the principle of mutuality. The provision made for excess expenditure was taxed but became infructuous as relief was received in a subsequent assessment year. Claims for broken period interest and bad debts were also deemed infructuous. The Tribunal ruled in favor of the assessee regarding expenses incurred by the Head Office for the Indian Branch Office. However, the deduction for swap costs on un-matured contracts was disallowed. Disallowance under section 40(a)(i) was deleted based on a previous favorable decision. The appeals and cross-objections had mixed outcomes for both the assessee and the revenue. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242316