Interest from Overseas Head Office & Branches Not Taxable as It Constitutes Transactions with Self

DDIT Vs American Express Bank Pvt. Ltd. (ITAT Mumbai) Section 14A Disallowance Deleted Because Mutuality Receipts Are Not Income; Broken Period Interest Allowed Because Earlier Supreme Court Rulings Covered the Issue; ATM Software Cost Allowed as Revenue Expenditure Because It Facilitated Banking Operations: ITAT Mumbai. The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) disposed of the cross appeals filed by the Revenue and the assessee for Assessment Year 1999-2000 concerning several issues relating to taxation of a non-resident bank operating in India through its Permanent Establi...