https://www.taxtmi.com/caselaws?id=272394 The High Court partially allowed the appeal, disallowing deductions for interest on public issue share deposits and intercorporate deposits while upholding the relief for interest earned on bank deposits for opening letters of credit. The court emphasized the requirement of a direct nexus between income claimed for exemption and export-related activities, in line with relevant case law such as Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT and CIT v. Pandian Chemicals Ltd. en-us Wed, 15 Oct 2014 00:00:00 +0530 Wed, 02 May 2018 06:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272394 The High Court partially allowed the appeal, disallowing deductions for interest on public issue share deposits and intercorporate deposits while upholding the relief for interest earned on bank deposits for opening letters of credit. The court emphasized the requirement of a direct nexus between income claimed for exemption and export-related activities, in line with relevant case law such as Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT and CIT v. Pandian Chemicals Ltd. Case-Laws Income Tax Wed, 15 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272394