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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Assessee is entitled to deduction u/s 10B of the Act in respect ...

Income Tax

October 17, 2018

Assessee is entitled to deduction u/s 10B of the Act in respect of the interest income earned on FDRs made for the purposes of keeping margin money or for availing any other credit facility from banks.

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  2. Interest income had not been derived from export of article or things or computer software - the assessee was not entitled to deduction u/s 10B in respect of interest income - AT

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  4. Correct head of income - addition of interest income on margin money kept with Bank/Financial Institution taxable under the head ‘income from other sources’ - The ITAT...

  5. Interest paid to ICICI and IDBI band on funds utilized to make the impugned FDRs is an allowable deduction under section 57(iii) against the interest income on such FDRs - HC

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  9. Interest on FDR kept for bank guarantee to secure contract to be set off from Project expenses as capital in nature, not taxable as income from other sources

  10. 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...

 

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