https://www.taxtmi.com/caselaws?id=67237 The tribunal upheld the CIT(Appeals)'s decision to include advance payment for machinery under Section 32AB as "amount utilized," rejecting the revenue's appeal. However, it ruled that interest income could not be considered derived from the industrial undertaking for relief under Sections 80HH and 80I, directing exclusion unless it was net interest income. The revenue's appeal was partly allowed, with the first ground rejected and the second ground set aside for verification, while the assessee's cross-objection was dismissed. en-us Thu, 13 Feb 1997 00:00:00 +0530 Wed, 09 Mar 2011 16:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67237 The tribunal upheld the CIT(Appeals)'s decision to include advance payment for machinery under Section 32AB as "amount utilized," rejecting the revenue's appeal. However, it ruled that interest income could not be considered derived from the industrial undertaking for relief under Sections 80HH and 80I, directing exclusion unless it was net interest income. The revenue's appeal was partly allowed, with the first ground rejected and the second ground set aside for verification, while the assessee's cross-objection was dismissed. Case-Laws Income Tax Thu, 13 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67237