https://www.taxtmi.com/caselaws?id=794318 Interest received by a foreign bank's Indian branch from its head office and overseas branches was treated as internal receipt of the same assessee and held not taxable in India; interest from other overseas banks was also excluded because the specific deeming rule was not satisfied, so the addition was deleted. Section 14A was held inapplicable to income taxed at a concessional rate under section 115A, and no disallowance was made for exempt-interest investments where interest-free funds were sufficient. Broken period interest on current securities, employee club membership fees, foreign exchange contract revaluation loss, and RBI levy for CRR/SLR shortfall were treated as deductible. The bad-debt provision write-back issue was remanded for verification of earlier-year treatment. en-us Tue, 30 Jun 2026 00:00:00 +0530 Fri, 03 Jul 2026 08:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794318 Interest received by a foreign bank's Indian branch from its head office and overseas branches was treated as internal receipt of the same assessee and held not taxable in India; interest from other overseas banks was also excluded because the specific deeming rule was not satisfied, so the addition was deleted. Section 14A was held inapplicable to income taxed at a concessional rate under section 115A, and no disallowance was made for exempt-interest investments where interest-free funds were sufficient. Broken period interest on current securities, employee club membership fees, foreign exchange contract revaluation loss, and RBI levy for CRR/SLR shortfall were treated as deductible. The bad-debt provision write-back issue was remanded for verification of earlier-year treatment. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794318