https://www.taxtmi.com/caselaws?id=180150 The Tribunal upheld the levy of tax at 48% on non-resident companies, disallowing the foreign exchange loss but allowing interest deductions paid to head office and overseas branches. The Tribunal restored the issue of interest levy under sections 234B and 234D for further consideration. Partial disallowance under section 14A was allowed, while the addition of outstanding DD/cheques was deleted. Inclusion of tax deducted at source in Korea was upheld, and deductions under sections 44C and 36(1)(viia) were granted as directed by the CIT(A). Both the assessee and the department's appeals for assessment years 2000-01 and 2001-02 were partially allowed. en-us Fri, 18 May 2012 00:00:00 +0530 Fri, 14 Jul 2017 09:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180150 The Tribunal upheld the levy of tax at 48% on non-resident companies, disallowing the foreign exchange loss but allowing interest deductions paid to head office and overseas branches. The Tribunal restored the issue of interest levy under sections 234B and 234D for further consideration. Partial disallowance under section 14A was allowed, while the addition of outstanding DD/cheques was deleted. Inclusion of tax deducted at source in Korea was upheld, and deductions under sections 44C and 36(1)(viia) were granted as directed by the CIT(A). Both the assessee and the department's appeals for assessment years 2000-01 and 2001-02 were partially allowed. Case-Laws Income Tax Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180150