https://www.taxtmi.com/caselaws?id=472347 Agricultural-land capital-gains exemption depends on the land's character at the time of sale, requiring verification of the conversion date and relevant property and revenue records. Interest on a loan to a bankrupt overseas subsidiary remains subject to arm's-length benchmarking for the relevant broken period. A corporate guarantee for an associated enterprise falls within international transactions, with 0.5% treated as a reasonable commission, while foreign-currency debenture interest requires use of the correctly verified LIBOR rate. Expenditure disallowance related to exempt income cannot exceed that income and cannot be added to book profit unless it falls within specified book-profit adjustments. en-us Fri, 04 Nov 2022 00:00:00 +0530 Thu, 08 Oct 2026 14:39:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472347 Agricultural-land capital-gains exemption depends on the land's character at the time of sale, requiring verification of the conversion date and relevant property and revenue records. Interest on a loan to a bankrupt overseas subsidiary remains subject to arm's-length benchmarking for the relevant broken period. A corporate guarantee for an associated enterprise falls within international transactions, with 0.5% treated as a reasonable commission, while foreign-currency debenture interest requires use of the correctly verified LIBOR rate. Expenditure disallowance related to exempt income cannot exceed that income and cannot be added to book profit unless it falls within specified book-profit adjustments. Case-Laws Income Tax Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472347