Interest on Deposits made out of share capital prior to commencement – Not Taxable

Dear All,

Case Law

Case Law

In a recent decision, the Hon’ble Karnataka High Court has held that interest income earned by the assesse company on bank deposits made out of share capital prior to commencement of business operations was not liable to be taxed as same was eligible for deduction against public issue expenses incurred by the assesse.

Click Here for Complete text of the judgment.

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