https://www.taxtmi.com/caselaws?id=210600 The court ruled in favor of the Revenue, upholding the Tribunal's decision that interest income should not be excluded for calculating the deduction under Section 80HHC of the Income Tax Act, 1961. The court determined that the interest income should be assessed under the head "Profits & Gains of Business and Profession" rather than as business income. The appellant's argument that the interest income was essential for conducting business was not supported by sufficient evidence, leading to the dismissal of the Tax Case Appeals. en-us Sat, 29 Oct 2011 00:00:00 +0530 Tue, 24 Jan 2012 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210600 The court ruled in favor of the Revenue, upholding the Tribunal's decision that interest income should not be excluded for calculating the deduction under Section 80HHC of the Income Tax Act, 1961. The court determined that the interest income should be assessed under the head "Profits & Gains of Business and Profession" rather than as business income. The appellant's argument that the interest income was essential for conducting business was not supported by sufficient evidence, leading to the dismissal of the Tax Case Appeals. Case-Laws Income Tax Sat, 29 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210600