https://www.taxtmi.com/caselaws?id=340304 Interest paid by an Indian branch to its head office or overseas branches, including NOSTRO interest, is noted as deductible on the basis that the branch and head office are treated as the same taxable person and the amount is not taxable in India under the treaty context. Club membership fees incurred for business purposes are also treated as allowable business expenditure. Loss on revaluation of unmatured forward foreign exchange contracts is stated to be allowable where it reflects a real loss under mercantile principles. By contrast, the standard asset write-back and head office expense claims were sent back for factual verification, and FII capital gains treatment was left subject to consistent treaty-based verification. en-us Fri, 03 Mar 2017 00:00:00 +0530 Mon, 20 Mar 2017 09:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340304 Interest paid by an Indian branch to its head office or overseas branches, including NOSTRO interest, is noted as deductible on the basis that the branch and head office are treated as the same taxable person and the amount is not taxable in India under the treaty context. Club membership fees incurred for business purposes are also treated as allowable business expenditure. Loss on revaluation of unmatured forward foreign exchange contracts is stated to be allowable where it reflects a real loss under mercantile principles. By contrast, the standard asset write-back and head office expense claims were sent back for factual verification, and FII capital gains treatment was left subject to consistent treaty-based verification. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340304