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TREATMENT OF INTEREST RECEIVED BY INDUSTRIAL UNIT OF SEZ U/S10AA, Income Tax |
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TREATMENT OF INTEREST RECEIVED BY INDUSTRIAL UNIT OF SEZ U/S10AA |
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EXEMPT OR Taxable interst received from FDR by unit covered U/S 10AA of IT Act. Which is kept as margin againt loan taken from bank and utilised for industrial undertaking. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
What is your query?
My querry is assessee is manufacturer and exporter of jewellery and unit is situated in SEZ covered U/S 10AA. For obtaining various facilities from bank such as advance Gold loan against export order assessee have to make FDR as margin money against LC.Said FDR is directly related with gold procurment from Bank itself and have direct nexus with business carried on. ITO wants to treat such interest received against FDR as Income from Other source and not Profit from industrial unit. Kindly through some light and legal decisions directly related.
CA KISHOR DATTANI Page: 1 Old Query - New Comments are closed. |
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