https://www.taxtmi.com/caselaws?id=367285 The tribunal upheld the 40% tax rate for a non-resident foreign company, dismissing the grounds raised by the assessee for certain assessment years. It allowed the addition of interest income on Non-Performing Advances (NPA) based on established legal precedents. Payments made to employees for unfunded pension were allowed as deductible under Section 37(1) of the Act. However, the disallowance of CENVAT credit written off was upheld to avoid double deduction. The issue of interest on income tax refund was remanded for fresh adjudication, and penalty initiation under section 271(1)(c) was deemed premature at the current stage. en-us Fri, 14 Sep 2018 00:00:00 +0530 Tue, 18 Sep 2018 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367285 The tribunal upheld the 40% tax rate for a non-resident foreign company, dismissing the grounds raised by the assessee for certain assessment years. It allowed the addition of interest income on Non-Performing Advances (NPA) based on established legal precedents. Payments made to employees for unfunded pension were allowed as deductible under Section 37(1) of the Act. However, the disallowance of CENVAT credit written off was upheld to avoid double deduction. The issue of interest on income tax refund was remanded for fresh adjudication, and penalty initiation under section 271(1)(c) was deemed premature at the current stage. Case-Laws Income Tax Fri, 14 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367285