https://www.taxtmi.com/caselaws?id=765232 The Delhi HC decided in favor of the assessee on two issues. First, regarding NRI expenses for soliciting foreign currency deposits, the court held these were allowable deductions as they were incurred solely for the Indian business purpose, following the precedent in ANZ Grindlays Bank. Second, on pension fund contributions exceeding Section 36(1)(iv) limits, the court agreed with Calcutta HC's distinction in Exide Industries between initial/annual contributions (subject to limits) and additional contributions made to discharge overarching employer obligations (not subject to limits). Both appeals were allowed. en-us Thu, 16 Jan 2025 00:00:00 +0530 Tue, 28 Jan 2025 08:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765232 The Delhi HC decided in favor of the assessee on two issues. First, regarding NRI expenses for soliciting foreign currency deposits, the court held these were allowable deductions as they were incurred solely for the Indian business purpose, following the precedent in ANZ Grindlays Bank. Second, on pension fund contributions exceeding Section 36(1)(iv) limits, the court agreed with Calcutta HC's distinction in Exide Industries between initial/annual contributions (subject to limits) and additional contributions made to discharge overarching employer obligations (not subject to limits). Both appeals were allowed. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765232