https://www.taxtmi.com/caselaws?id=64331 The ITAT ruled that interest income from fixed deposits used as margin money is "business income" eligible for deduction under s. 80HHC. DEPB and DFRC receipts were deemed directly linked to export activities, qualifying for s. 80HHC deduction. The disallowance of vehicle expenses was reduced to 10%. The ITAT required the AO to provide reasons before levying interest under ss. 234B and 234C. The appeal was partly allowed. en-us Fri, 02 Dec 2005 00:00:00 +0530 Sat, 06 Apr 2024 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64331 The ITAT ruled that interest income from fixed deposits used as margin money is "business income" eligible for deduction under s. 80HHC. DEPB and DFRC receipts were deemed directly linked to export activities, qualifying for s. 80HHC deduction. The disallowance of vehicle expenses was reduced to 10%. The ITAT required the AO to provide reasons before levying interest under ss. 234B and 234C. The appeal was partly allowed. Case-Laws Income Tax Fri, 02 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64331