Interest on FDR under lien with Bank for facilitating letter of credit qualify for deduction under Section 10B
Held The interest on FDR, the Court has been shown a note of the balance sheet of the Assessee [which was placed before the AO] which clearly states that “fixed deposit receipts (including accrued interest) valuing Rs. 15,05,875 are under lien with Bank of India for facilitating the letter of credit and bank guarantee… Read More »