Section 40(a)(i) not applicable if No tax is deductible U/s. 195(1)

Advocate Akhilesh Kumar Sah If no tax is deductible under section 195(1), section 40(a)(i) of the IT Act will not come in the way of the appellant claiming such deduction from its income: Barclays Bank Plc case In Barclays Bank Plc, Mumbai vs. Addl. DIT, Mumbai (ITAT Mumbai) [I.T.A./584/Mum/2011 and I.T.A./4235/Mum/2014, decided on 12.01.2018], assessee-company was engaged in the business of structuring of asset liability, risk management services, underwriting for domestic rupees/debt instruments in India through the investment banking its returned incomes, assessed incomes, etc, for t...