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2004 (7) TMI 67 - BOMBAY HIGH COURTExemption under section 10(20A) – Computation of income under section 28 - (I) Whether the income of the assessee is not exigible to tax by virtue of the exemption under section 10(20A) of the Income-tax Act, 1961? - (II) Whether the assessing authority and the Tribunal were in gross error in holding that the business of the assessee has not commenced and as such its income under section 28 of the Income-tax Act, 1961, cannot be computed? - "Whether the interest paid to bondholders, which has a direct nexus for earning interest from the bank, is an allowable deduction from the interest received from bank?" – Matter is remanded
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