https://www.taxtmi.com/caselaws?id=15221 The court ruled in favor of the bank, holding that it was entitled to weighted deduction under section 35B of the Income-tax Act for the gross interest payments made at its foreign branches. The court emphasized that the expenditure incurred by the bank for providing services to customers at foreign locations qualified for the deduction without requiring a set-off against income received. The judgment clarified that the statutory provision did not mandate deductions based on income received, allowing the bank to claim the benefit for the expenditure incurred at its foreign branches. en-us Thu, 08 Jul 1999 00:00:00 +0530 Mon, 03 Aug 2009 17:34:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15221 The court ruled in favor of the bank, holding that it was entitled to weighted deduction under section 35B of the Income-tax Act for the gross interest payments made at its foreign branches. The court emphasized that the expenditure incurred by the bank for providing services to customers at foreign locations qualified for the deduction without requiring a set-off against income received. The judgment clarified that the statutory provision did not mandate deductions based on income received, allowing the bank to claim the benefit for the expenditure incurred at its foreign branches. Case-Laws Income Tax Thu, 08 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15221