Recent ruling by the Special Bench of the Mumbai Tribunal in case of Sumitomo Mitsui Banking Corporation wherein it held that interest payable by Indian branch of a foreign bank to its Head Office and overseas branches is deductible while determining the profit attributable to the PE which is taxable in India in view of the treaty. The Head Office is not liable to tax on such interest being payment to self which cannot give rise to taxable income under the Indian domestic law and the India Japan Tax Treaty.
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Amendment of BE on Payment of IGST for Advance Authorisation Default
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