https://www.taxtmi.com/caselaws?id=271595 Interest on fixed deposits kept for business purposes was treated as business income because the deposits had a direct nexus with the business and were maintained against bank guarantees; it was therefore included in the section 10A deduction base. Foreign exchange gain credited in the EEFC account was also treated as business income, since it arose from business operations and was included in the section 10A computation. For book profit under section 115JB, the section 10A deduction/exemption was excluded from the computation, following the assessee's earlier year position. The assessee obtained relief on the substantive income-characterisation issues, while the Revenue's challenge to book profit treatment failed. en-us Fri, 05 Feb 2016 00:00:00 +0530 Wed, 10 Feb 2016 08:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271595 Interest on fixed deposits kept for business purposes was treated as business income because the deposits had a direct nexus with the business and were maintained against bank guarantees; it was therefore included in the section 10A deduction base. Foreign exchange gain credited in the EEFC account was also treated as business income, since it arose from business operations and was included in the section 10A computation. For book profit under section 115JB, the section 10A deduction/exemption was excluded from the computation, following the assessee's earlier year position. The assessee obtained relief on the substantive income-characterisation issues, while the Revenue's challenge to book profit treatment failed. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271595