Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Interest earned on fixed deposits compulsorily created under subsidy sanction conditions for a cold chain facility was held to have a direct nexus with the business activity, not to be income from other sources. On that basis, the Tribunal treated the interest as business income and held it eligible for deduction under section 80IB(11), deleting the disallowance. It also found the additions for savings bank interest and income-tax refund interest factually unsustainable, as no savings account existed in the assessee's name and no deduction had been claimed for refund interest. Those additions were deleted, and the appeal was allowed.
Interest earned on fixed deposits compulsorily created under subsidy sanction conditions for a cold chain facility was held to have a direct nexus with the business activity, not to be income from other sources. On that basis, the Tribunal treated the interest as business income and held it eligible for deduction under section 80IB(11), deleting the disallowance. It also found the additions for savings bank interest and income-tax refund interest factually unsustainable, as no savings account existed in the assessee's name and no deduction had been claimed for refund interest. Those additions were deleted, and the appeal was allowed.
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