https://www.taxtmi.com/caselaws?id=774300 ITAT Mumbai ruled in favor of the assessee on multiple grounds. Recovery of bad debts not previously claimed as deduction under section 36(1)(vii) was held non-taxable. Foreign Currency Translation Reserve losses were allowed following ICDS-VI standards. Interest on Innovative Perpetual Debt Instruments was permitted as deduction under section 36(1)(iii). Write-off of bad debts was allowed when balance sheet assets were reduced. However, foreign branch income remained taxable in India with foreign tax credit available. Compensatory payments to RBI for regulatory violations were allowed as business expenditure. Section 14A disallowance was deleted for exempt income from stock-in-trade investments. en-us Wed, 11 Jun 2025 00:00:00 +0530 Mon, 07 Jul 2025 08:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774300 ITAT Mumbai ruled in favor of the assessee on multiple grounds. Recovery of bad debts not previously claimed as deduction under section 36(1)(vii) was held non-taxable. Foreign Currency Translation Reserve losses were allowed following ICDS-VI standards. Interest on Innovative Perpetual Debt Instruments was permitted as deduction under section 36(1)(iii). Write-off of bad debts was allowed when balance sheet assets were reduced. However, foreign branch income remained taxable in India with foreign tax credit available. Compensatory payments to RBI for regulatory violations were allowed as business expenditure. Section 14A disallowance was deleted for exempt income from stock-in-trade investments. Case-Laws Income Tax Wed, 11 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774300