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Deduction u/s. 80HHC allowed for interest on F.D. used to avail LC Facility if it have direct nexus with export business
Case Law Details
- Case Name
- Commissioner of Income Tax Delhi- V Vs Nectar Life Science Ltd. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Interest earned on fixed deposits have an immediate nexus with the export business would be treated as income from business and interest earned on fixed deposits which does not have an immediate nexus with the export business, it would be treated as income from other sources. The court opined that when the interest was earned on the fixed deposits for the purposes of availing of credit facilities from the bank, it did not have such a nexus with the export business and therefore, had to be necessarily treated as income from other sources and not the business income. Thus, insof...
