Monday, August 31, 2020

Interest earned on FD kept with bank for obtaining letter of credit was to be assessed as business income

INCOME TAX : Where assessee earned interest income from fixed deposit (FD) receipts with bank which were made by assessee in course of its trading business of import for purpose of re-­export, for obtaining letter of credit for its purchases, same was to be assessed as business income

from www.taxmann.com Latest Case Laws https://ift.tt/2GerMrq
-
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...