Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2012 (9) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 372 - SC - Income TaxBusiness income or Income from other sources - Interest income on Foreign Currency Deposit Account - whether assessee is entitled to get the benefit of Section 10A? - Held that:- As similar question arose in CIT Versus Menon Impex P. Ltd. [2002 (9) TMI 75 - MADRAS HIGH COURT] wherein the deduction u/s 10A was allowed. In the case of Commissioner of Income Tax vs. Sterling Foods [1999 (4) TMI 1 - SUPREME COURT] it was held that the mere fact that the deposit was made for obtaining Letter of Credit which Letter was, in turn, used for the purpose of business undertaking did not establish a direct nexus between the interest and industrial undertaking. Remit the cases to the ITAT for deciding the matter afresh after examining the transaction in question as done by the Madras High Court in the case of Menon Impex Private Limited.
|