https://www.taxtmi.com/caselaws?id=178260 The Tribunal partially allowed the appeal, ruling that the interest income from fixed deposits used as margin money for Letters of Credit should be treated as "profits of the business of the undertaking" and thus eligible for exemption under Section 10B of the Income-tax Act. The Tribunal upheld the disallowance of the Rs. 2 Crores commission payment to Virgo Polymers due to insufficient evidence of services rendered. The issue of interest levied under Sections 234A to 234D was not adjudicated but left for consequential resolution based on the other outcomes. en-us Thu, 14 Aug 2008 00:00:00 +0530 Mon, 27 Nov 2023 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178260 The Tribunal partially allowed the appeal, ruling that the interest income from fixed deposits used as margin money for Letters of Credit should be treated as "profits of the business of the undertaking" and thus eligible for exemption under Section 10B of the Income-tax Act. The Tribunal upheld the disallowance of the Rs. 2 Crores commission payment to Virgo Polymers due to insufficient evidence of services rendered. The issue of interest levied under Sections 234A to 234D was not adjudicated but left for consequential resolution based on the other outcomes. Case-Laws Income Tax Thu, 14 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178260