https://www.taxtmi.com/caselaws?id=353148 The appeal was partly allowed by the Tribunal. The disallowance of interest expenditure related to tax-free HUDCO bonds was reversed, as the assessee had sufficient interest-free funds. However, the disallowance of interest paid on borrowings from the Head Office and expenses incurred by the Head Office attributable to the branch under Section 44C were upheld. Additionally, the addition of provision for bad and doubtful debts for computation of book profits under Section 115JB was also upheld based on a retrospective amendment. The order was pronounced on 26/12/2017. en-us Tue, 26 Dec 2017 00:00:00 +0530 Wed, 27 Dec 2017 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353148 The appeal was partly allowed by the Tribunal. The disallowance of interest expenditure related to tax-free HUDCO bonds was reversed, as the assessee had sufficient interest-free funds. However, the disallowance of interest paid on borrowings from the Head Office and expenses incurred by the Head Office attributable to the branch under Section 44C were upheld. Additionally, the addition of provision for bad and doubtful debts for computation of book profits under Section 115JB was also upheld based on a retrospective amendment. The order was pronounced on 26/12/2017. Case-Laws Income Tax Tue, 26 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353148