https://www.taxtmi.com/caselaws?id=121621 The Tribunal partially allowed the revenue's appeal. It upheld the Assessing Officer's method of computing the deduction under section 10B by requiring the set-off of unabsorbed depreciation before allowing the deduction, thereby overturning the CIT(A)'s decision. However, the Tribunal rejected the revenue's appeal concerning the netting off of interest paid against interest income. It affirmed the CIT(A)'s decision, which allowed the netting off due to a direct nexus between the loan and the fixed deposit, as supported by the factual matrix and relevant precedents. en-us Fri, 23 Jan 2009 00:00:00 +0530 Tue, 31 Oct 2023 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121621 The Tribunal partially allowed the revenue's appeal. It upheld the Assessing Officer's method of computing the deduction under section 10B by requiring the set-off of unabsorbed depreciation before allowing the deduction, thereby overturning the CIT(A)'s decision. However, the Tribunal rejected the revenue's appeal concerning the netting off of interest paid against interest income. It affirmed the CIT(A)'s decision, which allowed the netting off due to a direct nexus between the loan and the fixed deposit, as supported by the factual matrix and relevant precedents. Case-Laws Income Tax Fri, 23 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121621