https://www.taxtmi.com/caselaws?id=458592 The Bombay HC dismissed the revenue's appeal on multiple grounds. The court held that head office expenses incurred for Indian branch operations were deductible under Section 37(1) without Section 44C restrictions, following previous precedent. Section 14A disallowance was deleted as the income earned was taxable at special rates under Section 115A, not exempt income. Interest income from head office to branch was not taxable, applying the principle that no person can profit from itself. Under Section 43D, interest on bad debts was not chargeable to tax as it wasn't credited to profit and loss account but maintained in RDFI reserve account per RBI guidelines. No substantial questions of law arose. en-us Mon, 17 Aug 2015 00:00:00 +0530 Thu, 07 Nov 2024 19:59:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458592 The Bombay HC dismissed the revenue's appeal on multiple grounds. The court held that head office expenses incurred for Indian branch operations were deductible under Section 37(1) without Section 44C restrictions, following previous precedent. Section 14A disallowance was deleted as the income earned was taxable at special rates under Section 115A, not exempt income. Interest income from head office to branch was not taxable, applying the principle that no person can profit from itself. Under Section 43D, interest on bad debts was not chargeable to tax as it wasn't credited to profit and loss account but maintained in RDFI reserve account per RBI guidelines. No substantial questions of law arose. Case-Laws Income Tax Mon, 17 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458592