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HC allowed the Appellant's claim for deduction under section 80IA of the IT Act, holding that interest earned on fixed deposits and on TDS refunds was deductible as income "derived from" the eligible business. The court found the deposits were placed for business purposes (equipment replacement and crane acquisition) and not merely to park surplus funds, establishing a direct nexus between the interest and the eligible container-terminal operations. The HC reversed the assessing officer's treatment of such interest as "income from other sources," concluding the interest was incidental to and integrally connected with the eligible business and therefore eligible for s.80IA relief.
HC allowed the Appellant's claim for deduction under section 80IA of the IT Act, holding that interest earned on fixed deposits and on TDS refunds was deductible as income "derived from" the eligible business. The court found the deposits were placed for business purposes (equipment replacement and crane acquisition) and not merely to park surplus funds, establishing a direct nexus between the interest and the eligible container-terminal operations. The HC reversed the assessing officer's treatment of such interest as "income from other sources," concluding the interest was incidental to and integrally connected with the eligible business and therefore eligible for s.80IA relief.
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