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2017 (2) TMI 109 - AT - Income TaxDisallowance of deduction under section 10AA - income earned from trading exports of diamonds - Held that:- The assessee in the case on hand is eligible for deduction of its income earned from trading exports of diamonds under section 10AA of the Act and therefore uphold the finding of the learned CIT(A) on this issue in the impugned order. See Geetanjali Exports Corporation Ltd. & Others [2013 (5) TMI 922 - ITAT MUMBAI]. Treatment of interest on FDs as ‘income from other sources' - Held that:- Following the aforesaid decision of the Coordinate Bench of the Tribunal in the case of Jewel Arts (2017 (2) TMI 39 - ITAT MUMBAI) which is on similar factual/legal matrix as the case on hand, we are of the considered opinion that the said interest receipts earned by the assessee out of FDs kept with Banks by way of margin money made for the purposes of the assessee’s business of import/ export trading in diamonds, constitutes business receipts/income and is therefore eligible for deduction under section 10AA of the Act. Income earned from out of FDs made with Banks for business purposes constitutes business receipts/income and is therefore eligible for deduction under section 10AA
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