https://www.taxtmi.com/caselaws?id=191082 Interest paid by an Indian branch to its head office and overseas branches is treated as a payment to self and was held allowable as a deduction; on that basis, no tax deduction at source was required. Disallowance under section 14A was upheld only for exempt income from tax-free bonds where investments were found to be made from own funds, but the component relating to PSA Sical Terminals Ltd. required fresh factual examination because the basis of apportionment of interest and other expenses had not been properly examined. Year-end revaluation loss on outstanding foreign exchange contracts was treated as a real business loss and was allowable as a deduction. en-us Mon, 07 Oct 2013 00:00:00 +0530 Mon, 20 Mar 2017 14:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191082 Interest paid by an Indian branch to its head office and overseas branches is treated as a payment to self and was held allowable as a deduction; on that basis, no tax deduction at source was required. Disallowance under section 14A was upheld only for exempt income from tax-free bonds where investments were found to be made from own funds, but the component relating to PSA Sical Terminals Ltd. required fresh factual examination because the basis of apportionment of interest and other expenses had not been properly examined. Year-end revaluation loss on outstanding foreign exchange contracts was treated as a real business loss and was allowable as a deduction. Case-Laws Income Tax Mon, 07 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191082