https://www.taxtmi.com/caselaws?id=242375 The ITAT Mumbai upheld the CIT(A)'s decision to disallow interest expenditure for earning tax-free income, citing lack of evidence supporting Revenue's claim. The AO was directed to verify agreements for guarantee commission spread over periods. The assessee's contention for domestic tax rate application was rejected in favor of non-resident rate under double tax avoidance agreement. The ITAT ruled in favor of the assessee on taxation of interest paid to overseas branches, deleting the addition made by the AO. Overall, the appeals addressed various income tax issues with detailed legal analysis and interpretations. en-us Mon, 01 Jul 2013 00:00:00 +0530 Tue, 14 Jan 2014 08:13:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242375 The ITAT Mumbai upheld the CIT(A)'s decision to disallow interest expenditure for earning tax-free income, citing lack of evidence supporting Revenue's claim. The AO was directed to verify agreements for guarantee commission spread over periods. The assessee's contention for domestic tax rate application was rejected in favor of non-resident rate under double tax avoidance agreement. The ITAT ruled in favor of the assessee on taxation of interest paid to overseas branches, deleting the addition made by the AO. Overall, the appeals addressed various income tax issues with detailed legal analysis and interpretations. Case-Laws Income Tax Mon, 01 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242375