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2009 (7) TMI 4 - UTTARAKHAND HIGH COURTDeduction u/s 57(iii) – Natutre of amount received from employees and oustees as capital receipts - the deductions to the extent of 2.5% towards administrative costs on the interest income on short term deposits allowed - the interest and rent received from its employees and oustees in Dam area had a nature of capital receipts, as the construction process was still on and the respondent-assessee had yet not started the business activity.
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