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2009 (8) TMI 52 - HC - Income TaxInterest earned on refinancing operations deduction - Whether on the facts and circumstances of the case, the Honble ITAT is right in holding that interest earned on refinancing operations is to be excluded from the taxable interest? Held that - The assessee received income from interest on the loans advanced. Interest was passed on to IDBI and SIDBI under Refinancing Scheme. However, the said income was added to the income of the assessee. The CIT(A), held that interest paid to IDBI and SIDBI under Refinancing Scheme was permissible deduction ITAT confirmed the order of CIT(A) Held that - income earned by the assessee can be adjusted towards the interest paid to the IDBI and SIDBI under Refinancing Scheme appeal dismissed appeal was also dismissed on the ground of undue delay of 945 days in filing appeal
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