Treatment of interest received against FDR in respect to units covered u/s 10AA in SEZ

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..... 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 orde .....

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..... r 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 intere .....

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..... st 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 - Reply By Surender Gupta .....

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..... - The Reply = It is question of fact to determine the nature of investment. In your case, as I understand the query, your have created FD under compulsion as margin money against LC. This FD can not .....

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..... be held as FD of surplus funds. Any activity which is done for the purpose of business, has to be held as business income and not as income from other sources. In other words it is nexus between inter .....

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..... est on FDR and business would determine the head under which it would fall. - Treatment of interest received against FDR in respect to units covered u/s 10AA in SEZ - Query Started By: - KISHOR DATTA .....

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..... NI Dated:- 8-11-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement .....

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..... - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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