https://www.taxtmi.com/caselaws?id=219588 The Court upheld the Income Tax Appellate Tribunal's decision, ruling that the interest income of Rs. 3,13,91,602/- received by the respondent-assessee from the Irrigation Department, Government of Assam, during the assessment year 2004-05 was deductible under section 80-IC of the Income Tax Act, 1961. The Court emphasized that the interest income was related to the business undertaking, qualifying it for the deduction. The appeal was dismissed, with the Court highlighting the lack of merit in challenging the Tribunal's decision and affirming the eligibility of the interest income for deduction under section 80-IC. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 19 Dec 2012 08:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219588 The Court upheld the Income Tax Appellate Tribunal's decision, ruling that the interest income of Rs. 3,13,91,602/- received by the respondent-assessee from the Irrigation Department, Government of Assam, during the assessment year 2004-05 was deductible under section 80-IC of the Income Tax Act, 1961. The Court emphasized that the interest income was related to the business undertaking, qualifying it for the deduction. The appeal was dismissed, with the Court highlighting the lack of merit in challenging the Tribunal's decision and affirming the eligibility of the interest income for deduction under section 80-IC. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219588