Interest Income on Share Application Money from Fixed Deposits is Taxable for Assessment Year 1995-96.

Interest income on share application money - the interest accrued on Fixed Deposits up to 31.3.95 was legally assessable in the hands of the assessee company in AY 1995-96 and AO was quite justified in assessing the same on accrual basis in AY 1995-96 - HC .....

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