https://www.taxtmi.com/caselaws?id=121145 The Tribunal held that interest earned from fixed deposits, even if linked to obtaining business loans, must be excluded from business profits under Explanation (baa) to section 80HHC. The exclusion should be based on gross receipts, not net receipts. The appeals were decided in favor of the Revenue, with 90% of the gross interest receipts being excluded from business profits for computing the deduction under section 80HHC. The Revenue's appeals were allowed, while other appeals were set aside for fresh adjudication by the Assessing Officer to determine the nature of interest income. en-us Fri, 14 Jul 2006 00:00:00 +0530 Thu, 26 Jul 2012 18:48:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121145 The Tribunal held that interest earned from fixed deposits, even if linked to obtaining business loans, must be excluded from business profits under Explanation (baa) to section 80HHC. The exclusion should be based on gross receipts, not net receipts. The appeals were decided in favor of the Revenue, with 90% of the gross interest receipts being excluded from business profits for computing the deduction under section 80HHC. The Revenue's appeals were allowed, while other appeals were set aside for fresh adjudication by the Assessing Officer to determine the nature of interest income. Case-Laws Income Tax Fri, 14 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121145