https://www.taxtmi.com/caselaws?id=122033 The Tribunal held that interest on Fixed Deposit Receipts (FDRs) does not qualify as profit derived from an industrial undertaking under section 80-IA of the Income-tax Act. The Tribunal ruled that there was no direct nexus between the interest income and the industrial activities, thus denying the deduction. The decision favored the Revenue, setting aside the CIT(A)'s orders and restoring the Assessing Officer's denial of the deduction for interest on FDRs. en-us Fri, 02 Mar 2007 00:00:00 +0530 Wed, 08 Aug 2012 10:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122033 The Tribunal held that interest on Fixed Deposit Receipts (FDRs) does not qualify as profit derived from an industrial undertaking under section 80-IA of the Income-tax Act. The Tribunal ruled that there was no direct nexus between the interest income and the industrial activities, thus denying the deduction. The decision favored the Revenue, setting aside the CIT(A)'s orders and restoring the Assessing Officer's denial of the deduction for interest on FDRs. Case-Laws Income Tax Fri, 02 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122033