https://www.taxtmi.com/caselaws?id=212385 The High Court ruled in favor of the assessee on both issues. Regarding the computation of deduction under Section 80-IA for interest income, the court held that interest earned on fixed deposits for availing credit facilities should be treated as income from other sources, not business income. The court emphasized the nexus test and the netting principle in determining eligible deductions. On the allowability of deduction under Section 35D for specific expenditures, the court upheld the Tribunal's decision, stating that once the conditions of Section 35D are met, the assessee is entitled to the deduction. The appeal was dismissed, affirming the assessee's position in both matters. en-us Wed, 14 Sep 2011 00:00:00 +0530 Sun, 15 Apr 2012 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212385 The High Court ruled in favor of the assessee on both issues. Regarding the computation of deduction under Section 80-IA for interest income, the court held that interest earned on fixed deposits for availing credit facilities should be treated as income from other sources, not business income. The court emphasized the nexus test and the netting principle in determining eligible deductions. On the allowability of deduction under Section 35D for specific expenditures, the court upheld the Tribunal's decision, stating that once the conditions of Section 35D are met, the assessee is entitled to the deduction. The appeal was dismissed, affirming the assessee's position in both matters. Case-Laws Income Tax Wed, 14 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212385