https://www.taxtmi.com/caselaws?id=327730 The tribunal partly allowed the assessee's appeals, directing specific actions on various issues. The tax rate applicable to the bank was upheld at 40% plus surcharge. The disallowance of offshore remuneration was remitted for verification. Interest paid to the head office was allowed as a deduction. The claim for a refund of tax deducted at source on interest payments was subject to verification. Higher depreciation on ATMs at 60% was approved. Lease rentals on vehicles were allowed as revenue expenditure. The disallowed offshore expenses were not pressed. The addition of offshore expenses under section 28(iv) and penalty proceedings were dismissed. en-us Wed, 13 Apr 2016 00:00:00 +0530 Fri, 13 May 2016 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327730 The tribunal partly allowed the assessee's appeals, directing specific actions on various issues. The tax rate applicable to the bank was upheld at 40% plus surcharge. The disallowance of offshore remuneration was remitted for verification. Interest paid to the head office was allowed as a deduction. The claim for a refund of tax deducted at source on interest payments was subject to verification. Higher depreciation on ATMs at 60% was approved. Lease rentals on vehicles were allowed as revenue expenditure. The disallowed offshore expenses were not pressed. The addition of offshore expenses under section 28(iv) and penalty proceedings were dismissed. Case-Laws Income Tax Wed, 13 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327730