Interest received on FDR for letter of Credit related to business is to be taken in consideration for calculating deduction u/s 80HHC of IT Act 1961
Last updated: 07 November 2011
Court :
HIGH COURT OF DELHI
Brief :
Circumstances of the case in confirming the order of the CIT(A) whereby the CIT(A) held that since the interest paid on borrowed funds is more than the interest received on FDR, therefore, 90% of the gross interest received from FDR should not be reduced from the business income of the assessee for computing deduction under Section 80HHC
Citation :
COMMISSIONER OF INCOME TAX DELHI-V..... Appellant
Through Mr. Anupam Tripathi, Sr. Standing Counsel.
versus NECTAR LIFE SCIENCE LTD. ..... Respondent Through Mr. S. Krishnan, Advocate.
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CS Bijoy
Published in Income Tax
Views : 2121
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