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2011 (7) TMI 122 - HC - Income TaxLevy of concessional rate of tax - Under section 115H - Assessee's contention is that as in the interest income derived from foreign exchange asset, the interest on the deposit made out of the interest income also qualified for concessional rate as the investment income derived from foreign exchange asset, since the same is traceable to the foreign exchange asset originally made - Yet assessee could not get over the fact that unless and until "interest income" has a direct nexus with the foreign exchange asset, the benefit of section 115H could not be extended to him - fact that the section is clear and there is no ambiguity that the levy of concessional rate of tax is available only to the investment income derived from the foreign exchange asset - Decided against the assessee.
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