https://www.taxtmi.com/caselaws?id=204837 The Court ruled against the Company, determining that interest income from fixed deposits did not qualify as business income under Section 80-I of the Income Tax Act. The Court emphasized that the interest earned from deposits was not directly derived from the industrial undertaking of manufacturing chimneys and furnaces. As the income did not have a direct nexus with the business activity, the Court denied the Company benefits under Section 80-I, siding with the Revenue's argument that such income should be categorized as "from other sources." The Court allowed the Revenue's appeal and set aside previous decisions in favor of the assessing authority. en-us Mon, 01 Nov 2010 00:00:00 +0530 Sat, 06 Aug 2011 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204837 The Court ruled against the Company, determining that interest income from fixed deposits did not qualify as business income under Section 80-I of the Income Tax Act. The Court emphasized that the interest earned from deposits was not directly derived from the industrial undertaking of manufacturing chimneys and furnaces. As the income did not have a direct nexus with the business activity, the Court denied the Company benefits under Section 80-I, siding with the Revenue's argument that such income should be categorized as "from other sources." The Court allowed the Revenue's appeal and set aside previous decisions in favor of the assessing authority. Case-Laws Income Tax Mon, 01 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204837