https://www.taxtmi.com/caselaws?id=334230 The Tribunal's decision in the case resulted in partial relief for both parties. The disallowance of interest paid on amounts received under the Portfolio Management Scheme was upheld, while the disallowance of loss on the sale of units to bank and non-bank clients was deleted. Expenditure incurred on mobilization of deposits abroad was allowed as a deduction. The disallowance of salary paid to expatriate employees was also deleted. The Tribunal allowed the taxation of interest received from overseas branches. The Revenue's additional ground for disallowance under section 14A was dismissed. en-us Wed, 19 Oct 2016 00:00:00 +0530 Mon, 07 Nov 2016 16:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334230 The Tribunal's decision in the case resulted in partial relief for both parties. The disallowance of interest paid on amounts received under the Portfolio Management Scheme was upheld, while the disallowance of loss on the sale of units to bank and non-bank clients was deleted. Expenditure incurred on mobilization of deposits abroad was allowed as a deduction. The disallowance of salary paid to expatriate employees was also deleted. The Tribunal allowed the taxation of interest received from overseas branches. The Revenue's additional ground for disallowance under section 14A was dismissed. Case-Laws Income Tax Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334230