Correct head of income - Interest income on FDRs - since the ...

Income Tax

February 20, 2021

Correct head of income - Interest income on FDRs - since the business of the assessee had not commenced, the interest received in the period prior to the commencement of business was in the nature of capital receipt and was required to be set off against the preoperative expenses. - AT

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Correct head of income - Interest income on FDRs - since the ...

Income Tax

February 20, 2021

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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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