https://www.taxtmi.com/caselaws?id=202689 The court ruled that the interest subsidy received by the assessee did not qualify as a profit derived from the industrial undertaking but rather from a government scheme. Therefore, it was deemed ineligible for deduction under section 80-IB of the Income-tax Act, 1961. The court found that the Income-tax Appellate Tribunal erred in not following the legal principles established by higher courts and relying on its own previous decision. Ultimately, the court decided in favor of the Revenue, denying the deduction and allowing the appeals. en-us Mon, 19 Oct 2009 00:00:00 +0530 Mon, 24 Dec 2012 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202689 The court ruled that the interest subsidy received by the assessee did not qualify as a profit derived from the industrial undertaking but rather from a government scheme. Therefore, it was deemed ineligible for deduction under section 80-IB of the Income-tax Act, 1961. The court found that the Income-tax Appellate Tribunal erred in not following the legal principles established by higher courts and relying on its own previous decision. Ultimately, the court decided in favor of the Revenue, denying the deduction and allowing the appeals. Case-Laws Income Tax Mon, 19 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202689