https://www.taxtmi.com/caselaws?id=327302 The Tribunal partly allowed the assessee's appeals for the assessment years 2004-05 to 2006-07, allowing deductions for head office expenses under the UAE-India tax treaty for 2004-05 but dismissing the claim for subsequent years. The applicable tax rate on business income was upheld at 40% for all relevant assessment years. Disallowance of expenses related to exempt income was partially allowed based on a reasonable estimate. The Tribunal also allowed the assessee's appeal regarding interest payments to head office/overseas branches under Sec. 40(a)(i) for 2005-06 and 2006-07. The deletion of penalty under Sec. 271(1)(c) was upheld for the assessment year 2006-07, with the Revenue's appeal dismissed. en-us Fri, 29 Apr 2016 00:00:00 +0530 Fri, 06 May 2016 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327302 The Tribunal partly allowed the assessee's appeals for the assessment years 2004-05 to 2006-07, allowing deductions for head office expenses under the UAE-India tax treaty for 2004-05 but dismissing the claim for subsequent years. The applicable tax rate on business income was upheld at 40% for all relevant assessment years. Disallowance of expenses related to exempt income was partially allowed based on a reasonable estimate. The Tribunal also allowed the assessee's appeal regarding interest payments to head office/overseas branches under Sec. 40(a)(i) for 2005-06 and 2006-07. The deletion of penalty under Sec. 271(1)(c) was upheld for the assessment year 2006-07, with the Revenue's appeal dismissed. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327302