https://www.taxtmi.com/caselaws?id=15398 The court ruled in favor of the assessee, allowing weighted deduction for foreign branch expenditure under section 35B of the Income-tax Act. It held that interest payments to depositors should be considered as expenditure for the purpose of the Act, emphasizing the focus on the actual outgoing amount without deductions based on income received. Additionally, consultancy fees were classified as revenue expenditure rather than capital, as they aimed at improving business efficiency and updating organization methods, entitling the assessee to costs. en-us Thu, 08 Jul 1999 00:00:00 +0530 Thu, 06 Aug 2009 13:06:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15398 The court ruled in favor of the assessee, allowing weighted deduction for foreign branch expenditure under section 35B of the Income-tax Act. It held that interest payments to depositors should be considered as expenditure for the purpose of the Act, emphasizing the focus on the actual outgoing amount without deductions based on income received. Additionally, consultancy fees were classified as revenue expenditure rather than capital, as they aimed at improving business efficiency and updating organization methods, entitling the assessee to costs. Case-Laws Income Tax Thu, 08 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15398