Nature of 'Usance Interest' – The nexus of interest was only ...

Usance Interest on Raw Materials: Tax Implications u/ss 2(28A) and 9(1)(v)(b) of Income Tax Act.

April 9, 2012

Case Laws Income Tax AT

Nature of 'Usance Interest' – The nexus of interest was only with the period from which the purchase price of the raw material became due viz., the date of bill of lading. Therefore, usance interest, is interest within the meaning of sec. 2(28A) and same would be deemed to have accrued and arisen in India in view of the provisions of sec. 9(1)(v)(b) of the Act. - AT

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Nature of 'Usance Interest' – The nexus of interest was only ...

Usance Interest on Raw Materials: Tax Implications u/ss 2(28A) and 9(1)(v)(b) of Income Tax Act.

April 9, 2012

Case Laws Income Tax AT

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