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    Income Tax

    Whether interest income earned on surplus amount of funds...

    Interest from Fixed Deposit Receipts is not business income; AO correctly disallows Section 32AB deductions, categorizing it as other income.

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    Income TaxDecember 27, 2013Case LawsHC

    Whether interest income earned on surplus amount of funds involved in FDRs be treated as business income - The AO had rightly disallowed the deductions under Section 32AB out of the interest income treating the same as income from other sources - HC

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