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2015 (7) TMI 1127 - HC - Income TaxAddition on account of interest received from head office - Held that:- Tribunal was correct in holding that addition on account of interest received from head office has been wrongly made by the Assessing Officer. The respondent-assessee has not claimed benefit of the double taxation avoidance agreement. See DIT (Intnl. Txn.) v. Credit Agricole Indosuez [2015 (6) TMI 974 - BOMBAY HIGH COURT ] Tribunal is correct in holding that section 44C is not applicable and these expenses are allowable and under section 37(1) of the Income-tax Act. See Commissioner of Income-Tax Versus Emirates Commercial Bank Ltd. [2003 (4) TMI 2 - BOMBAY HIGH COURT]
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