https://www.taxtmi.com/caselaws?id=273314 The Tribunal allowed the assessee's claim for deduction under section 35(2AB) and disallowed the interest on advances to Indian subsidiaries. It also allowed deductions for PF and ESIC contributions, DEPB credit, and foreign exchange fluctuation gain under section 80HHC. The Tribunal directed the computation of interest on advances to overseas subsidiaries using LIBOR plus 300 basis points and upheld the exclusion of excise duty and sales tax from total turnover. Additionally, it upheld the netting of interest income against interest expenditure and allowed the deduction for sales to a specific entity. The Tribunal provided detailed analysis and decisions, ensuring a fair resolution based on legal principles and precedents. en-us Fri, 29 Apr 2016 00:00:00 +0530 Sat, 16 Jun 2018 11:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273314 The Tribunal allowed the assessee's claim for deduction under section 35(2AB) and disallowed the interest on advances to Indian subsidiaries. It also allowed deductions for PF and ESIC contributions, DEPB credit, and foreign exchange fluctuation gain under section 80HHC. The Tribunal directed the computation of interest on advances to overseas subsidiaries using LIBOR plus 300 basis points and upheld the exclusion of excise duty and sales tax from total turnover. Additionally, it upheld the netting of interest income against interest expenditure and allowed the deduction for sales to a specific entity. The Tribunal provided detailed analysis and decisions, ensuring a fair resolution based on legal principles and precedents. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273314