https://www.taxtmi.com/caselaws?id=217068 The interest income of Rs. 40,20,418/- was excluded from the computation of profits for deduction under section 80HHC of the Income Tax Act, 1961. The court ruled in favor of the Revenue, holding that the interest income did not qualify as business income as it lacked a direct and proximate nexus with the assessee's business activities. The court concluded that the interest income should be classified as "income from other sources," affirming the decision of the Tribunal and dismissing the assessee's claim. en-us Tue, 18 Sep 2012 00:00:00 +0530 Sat, 29 Sep 2012 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217068 The interest income of Rs. 40,20,418/- was excluded from the computation of profits for deduction under section 80HHC of the Income Tax Act, 1961. The court ruled in favor of the Revenue, holding that the interest income did not qualify as business income as it lacked a direct and proximate nexus with the assessee's business activities. The court concluded that the interest income should be classified as "income from other sources," affirming the decision of the Tribunal and dismissing the assessee's claim. Case-Laws Income Tax Tue, 18 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217068