Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 15 - HC - Income TaxThe 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 u/s 80HHC. - Held that:-interest earned on the FDRs, which were given to the bank as security to avail of the credit facility, as business income and exports. The AO has himself held that the FDRs were used to avail the working capital limits.decided in favour of Assessee.
|