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of <h1>Interest from Fixed Deposits Not Qualifying as Profits under Section 80HH</h1> The High Court of Madras held that interest receipts from fixed deposits are not profits derived from an industrial undertaking under section 80HH of the ... - The High Court of Madras ruled that interest receipts from fixed deposits held in banks cannot be considered as profits derived from an industrial undertaking for the purpose of section 80HH of the Income-tax Act, 1961. The decision was based on a previous ruling and was in favor of the Revenue and against the assessee for the assessment years 1976-77, 1978-79, 1979-80, and 1980-81. No costs were awarded.
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