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2013 (2) TMI 757 - HC - Income TaxWhether Tribunal is correct in holding that the addition has been wrongly made without appreciating the fact that the PE in India has to be treated as separate entity and the interest payable by the said PE is to be taxed in India in the hands of GE as income ? - Held YES - The question as framed is in respect of payment of interest by PE to GE when issue is interest earned by the PE from its head office. The Tribunal by the impugned order allowed the respondent-assessee's claim for deduction on the ground that one cannot earn income from oneself. Whether Tribunal is correct in holding that the addition is wrongly made without appreciating the fact that the proviso to Section 36(1)(viia) states clearly that deduction of bad debts shall be limited to the amount by which such debt exceeds the balance in the provision account made u/s.36(1)(viia) ? - Held YES - instructions issued by the Central Board of Direct Taxes (CBDT) being instruction No.17/2008 dated 26th November, 2008 covers the issue in favour of the respondent-assessee. Whether Tribunal is correct in holding that interest expenses claimed by the assessee is not a deduction but it is an expenditure and it is not the case of the revenue that these expenditures are not allowable in the regular course of business of the assessee without appreciating the fact that there are no provisions in the Act which allow change in computation of income by the assessee by reasons of modification of account, otherwise than by filing revised return ? - Held YES Whether the Tribunal is correct in holding that section 44C is not applicable and these expenses are allowable u/s.37(1) of the I.T. Act - Held YES - See Commissioner of Income-Tax Versus Emirates Commercial Bank Ltd. [ 2003 (4) TMI 2 - BOMBAY HIGH COURT ]
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