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2015 (7) TMI 1127 - BOMBAY HIGH COURT

2015 (7) TMI 1127 - BOMBAY HIGH COURT - [2016] 386 ITR 151 - Addition 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 .....

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tructed by M. S. Bodhanwalla and Co. JUDGMENT 1. These appeals by the Revenue challenges the common order dated March 22, 2013, passed by the Income-tax Appellate Tribunal (the "Tribunal") disposing of the cross appeals filed by the assessee as well as the Revenue before it for the assessment years 1998-99 and 1999-2000. 2. Mr. Tejveer Singh, the learned counsel for the Revenue reformulates question No. 1 for both the assessment years as under : "Whether on the facts and circumsta .....

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olding that section 44C is not applicable and these expenses are allowable and under section 37(1) of the Income-tax Act without appreciating the fact that the travelling expenses are incurred on travelling of head office personnel who have travelled to various Indian branches and they are not employees of the Indian Branch." 4. So far as question No. 1 is concerned, it is agreed position between the parties that the issue arising herein stands covered against the Revenue and in favour of t .....

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