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Indian Branch Can Deduct Interest Paid to Foreign Parent Bank; Interest Income Not Taxed in India.

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....Taxability of Interest paid by the branch (PE) in India to its parent foreign bank in Japan - Deduction of interest so paid as expenditure - the interest income received by the head office of the assessee bank would not be chargeable to tax in India - Allowed as deduction in the hands of branch as business expenditure.....

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Indian Branch Can Deduct Interest Paid to Foreign Parent Bank; Interest Income Not Taxed in India.