Bombay HC seeks response from revenue dept in Maharashtra ITC rule case

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Bombay HC seeks response from revenue dept in Maharashtra ITC rule case - Business Standard

Quick Summary:

The petitioner earned interest income from fixed deposits in banks while there was hardly any taxable turnover.

It stated that in this case, since no interest has been earned by the petitioner on account of “accepting the deposit,” the benefit of the said explanation would not be available.

The Revenue Department argued that the explanation to Rule 43(1)(b) of the rules uses the expression “accepting the deposit” and not “extending the deposit.