https://www.taxtmi.com/caselaws?id=181719 The SC dismissed the appeals, ruling in favor of the assessee, a Foreign Bank, on both issues. The Court upheld the Tribunal's decision, allowing deductions for salary and perquisites under "interest on securities" and permitting head office expenses under Section 37(1) of the Income Tax Act, rejecting the revenue's contentions on Section 44C applicability. Each party was directed to bear its own costs. en-us Sat, 26 Aug 2006 00:00:00 +0530 Thu, 07 Mar 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181719 The SC dismissed the appeals, ruling in favor of the assessee, a Foreign Bank, on both issues. The Court upheld the Tribunal's decision, allowing deductions for salary and perquisites under "interest on securities" and permitting head office expenses under Section 37(1) of the Income Tax Act, rejecting the revenue's contentions on Section 44C applicability. Each party was directed to bear its own costs. Case-Laws Income Tax Sat, 26 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181719