Income earned by foreign branches of bank to be included while computing book profit under MAT: Mumbai ITAT

INCOME TAX : Income of foreign branches of banks, which are subjected to tax abroad under respective tax treaties, is to be included in taxable income of assessee, and so far as taxes paid abroad are concerned, credit for taxes so paid abroad is to be given to assessee in computation of its Indian income tax liability in accordance with provisions of related tax treaty

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