https://www.taxtmi.com/caselaws?id=59438 The appeal was partly allowed by the Tribunal. Relief was granted to the assessee regarding the provision for bad debts, directing the AO to exclude it from book profit computation under Section 115JA. The matter concerning interest on foreign currency deposits was remitted back to the AO for further examination. The Tribunal upheld the taxability of interest received from the head office/overseas branches, treating intra-organization transactions at arm's length prices. Additionally, it affirmed the applicability of MAT under Section 115JA to foreign companies, aligning with the CIT(A) and AAR's stance, dismissing arguments against legislative intent. en-us Fri, 20 Oct 2006 00:00:00 +0530 Fri, 23 Feb 2024 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59438 The appeal was partly allowed by the Tribunal. Relief was granted to the assessee regarding the provision for bad debts, directing the AO to exclude it from book profit computation under Section 115JA. The matter concerning interest on foreign currency deposits was remitted back to the AO for further examination. The Tribunal upheld the taxability of interest received from the head office/overseas branches, treating intra-organization transactions at arm's length prices. Additionally, it affirmed the applicability of MAT under Section 115JA to foreign companies, aligning with the CIT(A) and AAR's stance, dismissing arguments against legislative intent. Case-Laws Income Tax Fri, 20 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59438