https://www.taxtmi.com/caselaws?id=261078 For the relevant treaty years, head office expenses attributable to Indian branches were governed by Article 7(3) of the India-UAE DTAA, so section 44C could not curtail the deduction; the later protocol limitation applied only prospectively from 1 April 2008. Loss on revaluation of unmatured forward foreign exchange contracts was treated as an allowable business loss where valued consistently at prevailing exchange rates under prudent banking practice. Interest on tax-free bonds was regarded as fully exempt. Commission from mobilisation of deposits under the Indian Millennium Deposit Scheme was assessed under the DTAA business profits article, and related expenditure was allowable in computing net business income. en-us Fri, 08 May 2015 00:00:00 +0530 Thu, 02 Jul 2015 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261078 For the relevant treaty years, head office expenses attributable to Indian branches were governed by Article 7(3) of the India-UAE DTAA, so section 44C could not curtail the deduction; the later protocol limitation applied only prospectively from 1 April 2008. Loss on revaluation of unmatured forward foreign exchange contracts was treated as an allowable business loss where valued consistently at prevailing exchange rates under prudent banking practice. Interest on tax-free bonds was regarded as fully exempt. Commission from mobilisation of deposits under the Indian Millennium Deposit Scheme was assessed under the DTAA business profits article, and related expenditure was allowable in computing net business income. Case-Laws Income Tax Fri, 08 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261078