https://www.taxtmi.com/caselaws?id=285340 Broken period interest on securities purchased but not sold was treated as deductible business expenditure, while interest on securities with coupon dates not arising during the year was held taxable on receipt basis under the retrospective section 145 amendment. NRI deposit mobilisation expenses were allowed as Indian business expenditure, penal interest paid to RBI for CRR and SLR defaults was treated as compensatory and deductible, and settlement payment made in relation to securities transactions was allowed as business loss. By contrast, expatriate salaries were disallowed under section 40(a)(iii) for non-compliance with Chapter XVII-B. Club subscription and entertainment expenses were not disallowed on the facts, and proportionate disallowance of interest on tax-free bonds failed for want of nexus with borrowings. en-us Fri, 22 Jan 2016 00:00:00 +0530 Thu, 09 Jan 2020 09:33:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285340 Broken period interest on securities purchased but not sold was treated as deductible business expenditure, while interest on securities with coupon dates not arising during the year was held taxable on receipt basis under the retrospective section 145 amendment. NRI deposit mobilisation expenses were allowed as Indian business expenditure, penal interest paid to RBI for CRR and SLR defaults was treated as compensatory and deductible, and settlement payment made in relation to securities transactions was allowed as business loss. By contrast, expatriate salaries were disallowed under section 40(a)(iii) for non-compliance with Chapter XVII-B. Club subscription and entertainment expenses were not disallowed on the facts, and proportionate disallowance of interest on tax-free bonds failed for want of nexus with borrowings. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285340