https://www.taxtmi.com/caselaws?id=468437 Recurring tax issues in the assessee bank's case were addressed by following prior-year rulings: interest and bank charges paid to the head office and overseas branches were treated as allowable, and related interest was held not taxable in India. Direct head-office expenses were allowed as business deduction, while the tax-credit claim was sent back for verification. The section 14A disallowance was restricted to 2% of exempt income, and interest under section 234D was permitted to be netted against interest under section 244A. Higher depreciation on motor cars was allowed, ECB-related additions were deleted, the transfer pricing adjustment on derivative marketing commission was rejected, and section 115JB was held inapplicable to a banking company for the relevant pre-amendment period. en-us Mon, 11 Sep 2023 00:00:00 +0530 Wed, 06 May 2026 10:40:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468437 Recurring tax issues in the assessee bank's case were addressed by following prior-year rulings: interest and bank charges paid to the head office and overseas branches were treated as allowable, and related interest was held not taxable in India. Direct head-office expenses were allowed as business deduction, while the tax-credit claim was sent back for verification. The section 14A disallowance was restricted to 2% of exempt income, and interest under section 234D was permitted to be netted against interest under section 244A. Higher depreciation on motor cars was allowed, ECB-related additions were deleted, the transfer pricing adjustment on derivative marketing commission was rejected, and section 115JB was held inapplicable to a banking company for the relevant pre-amendment period. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468437