https://www.taxtmi.com/caselaws?id=219807 The Court upheld the Tribunal's decision categorizing discounting charges earned by an assessee from Indian parties as business income, not interest income under the Income-tax Act. The Court dismissed the appeals, emphasizing that discounting charges do not meet the Act's definition of interest, supporting previous rulings and CBDT circulars. The issue of taxability under sec. 234B was also dismissed, with the Court aligning with the Tribunal's reasoning. The Court found no substantial question of law, leading to the dismissal of the appeals for Assessment Years 2005-06, 2006-07, and 2007-08. en-us Mon, 19 Nov 2012 00:00:00 +0530 Thu, 27 Dec 2012 13:55:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219807 The Court upheld the Tribunal's decision categorizing discounting charges earned by an assessee from Indian parties as business income, not interest income under the Income-tax Act. The Court dismissed the appeals, emphasizing that discounting charges do not meet the Act's definition of interest, supporting previous rulings and CBDT circulars. The issue of taxability under sec. 234B was also dismissed, with the Court aligning with the Tribunal's reasoning. The Court found no substantial question of law, leading to the dismissal of the appeals for Assessment Years 2005-06, 2006-07, and 2007-08. Case-Laws Income Tax Mon, 19 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219807