https://www.taxtmi.com/caselaws?id=468374 Interest on securities, bonds, debentures and zero coupon bonds was held taxable only when it accrued in terms of the governing instrument, so interest that had accrued but was not yet due was not includible. Disallowance of interest expenditure under section 14A was not justified where the assessee had sufficient interest-free funds, since a presumption arose that exempt investments came from own funds. Direct NRI desk expenses wholly incurred for the Indian branch were allowable in full, while shared head office support and administrative expenses were confined to the section 44C framework; one transfer pricing adjustment was also found unsustainable because the amount was neither debited in the books nor claimed in the return. en-us Wed, 17 Jul 2019 00:00:00 +0530 Sat, 02 May 2026 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468374 Interest on securities, bonds, debentures and zero coupon bonds was held taxable only when it accrued in terms of the governing instrument, so interest that had accrued but was not yet due was not includible. Disallowance of interest expenditure under section 14A was not justified where the assessee had sufficient interest-free funds, since a presumption arose that exempt investments came from own funds. Direct NRI desk expenses wholly incurred for the Indian branch were allowable in full, while shared head office support and administrative expenses were confined to the section 44C framework; one transfer pricing adjustment was also found unsustainable because the amount was neither debited in the books nor claimed in the return. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468374