https://www.taxtmi.com/caselaws?id=117966 Interest earned on fixed deposits and earnest money deposits linked to overdraft borrowings, quota rights and other export-business requirements was treated as arising from the business itself, so it fell within business income for Explanation (baa) to section 80HHC. Depreciation under section 32 was also considered a statutory allowance that cannot be forced on an assessee when not claimed, subject to sections 32 and 34; the withdrawal of depreciation was therefore upheld. The assessee succeeded on the interest-income issue, while the Revenue succeeded on depreciation. en-us Tue, 24 Aug 2004 00:00:00 +0530 Wed, 27 Jun 2012 16:08:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117966 Interest earned on fixed deposits and earnest money deposits linked to overdraft borrowings, quota rights and other export-business requirements was treated as arising from the business itself, so it fell within business income for Explanation (baa) to section 80HHC. Depreciation under section 32 was also considered a statutory allowance that cannot be forced on an assessee when not claimed, subject to sections 32 and 34; the withdrawal of depreciation was therefore upheld. The assessee succeeded on the interest-income issue, while the Revenue succeeded on depreciation. Case-Laws Income Tax Tue, 24 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117966