https://www.taxtmi.com/caselaws?id=254215 Deductibility and tax treatment were addressed across several banking-related issues: interest paid to head office or overseas branches was allowed as a deduction where corresponding interest was taxed; profit on revaluation of unmatured forward forex contracts was treated as taxable income; section 14A disallowance was not sustained once the related interest income formed part of total income; provision for non-performing assets was held not deductible as a provision; netting of interest under section 244A against interest under section 220(2) was permitted; and section 115JB was held inapplicable to a banking company for the relevant year. The penalty under section 271(1)(c) also failed after the underlying quantum addition was deleted. en-us Wed, 10 Dec 2014 00:00:00 +0530 Mon, 20 Jul 2026 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254215 Deductibility and tax treatment were addressed across several banking-related issues: interest paid to head office or overseas branches was allowed as a deduction where corresponding interest was taxed; profit on revaluation of unmatured forward forex contracts was treated as taxable income; section 14A disallowance was not sustained once the related interest income formed part of total income; provision for non-performing assets was held not deductible as a provision; netting of interest under section 244A against interest under section 220(2) was permitted; and section 115JB was held inapplicable to a banking company for the relevant year. The penalty under section 271(1)(c) also failed after the underlying quantum addition was deleted. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254215