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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Characterization of income - interest earned on ICDs - assessee ...

Income Tax

July 31, 2019

Characterization of income - interest earned on ICDs - assessee is not in money lending business - when it is accepted that the assessee has taken a prudent business decision to earn some income by utilizing the idle business funds, no differentiation can be made between the investments made in banks and ICDs - the interest income earned on ICDs should be treated as income from business

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