https://www.taxtmi.com/caselaws?id=400215 Expenditure incurred wholly and exclusively for the Indian business of a permanent establishment was held allowable under section 37(1), and NRI deposit mobilization expenses abroad were not treated as head office expenditure under section 44C. The estimated disallowance linked to foreign currency loan interest income under section 115A was set aside and directed to be recomputed on the earlier rational formula. Disallowance under section 14A for exempt dividend income and foreign currency syndicated term loan income failed because the statutory precondition of recorded dissatisfaction was not satisfied. Club entrance fee was allowed as business expenditure, and fees for technology-related services for the credit cards business were held deductible and not hit by section 44C. en-us Mon, 26 Oct 2020 00:00:00 +0530 Sat, 31 Oct 2020 11:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400215 Expenditure incurred wholly and exclusively for the Indian business of a permanent establishment was held allowable under section 37(1), and NRI deposit mobilization expenses abroad were not treated as head office expenditure under section 44C. The estimated disallowance linked to foreign currency loan interest income under section 115A was set aside and directed to be recomputed on the earlier rational formula. Disallowance under section 14A for exempt dividend income and foreign currency syndicated term loan income failed because the statutory precondition of recorded dissatisfaction was not satisfied. Club entrance fee was allowed as business expenditure, and fees for technology-related services for the credit cards business were held deductible and not hit by section 44C. Case-Laws Income Tax Mon, 26 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400215