Tuesday 6 August 2013

Interest earned on arbitral award isn't assessable to tax, unless arbitral proceedings attain, final

IT: Amount of arbitral award which has been invested in a fixed deposit of a bank and interest earned thereon cannot be regarded as income which has accrued unless and until proceedings related to arbitral award attained finality and thus, it would be wholly unreasonable to deduct tax at source on an amount which had not accrued


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