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2010 (11) TMI 801 - HC - Income TaxConcessional rate of tax under section 115H r.w.s. 115E on the interest received from the bank deposits maintained by the assessee - NRNR deposits are transferred by the assessee from one bank to another – Held that:- Deposits retain character as a foreign exchange asset because, asset, namely the deposit, was acquired with convertible foreign exchange, so long as the original source of the deposit is convertible foreign exchange, the transfer of such foreign exchange asset, namely the deposit from one bank to another will not affect it's identity as a foreign exchange asset. So much so, finding of the Tribunal that assessee is entitled to concessional rate of tax on the interest earned from NRNR deposits under section 115H read with section 115E is correct. Accordingly, we dismiss the department appeal.
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