https://www.taxtmi.com/caselaws?id=220072 The court held that interest income earned on Fixed Deposit Receipts (FDRs) pledged as security with departments does not qualify for deduction under Section 80-IB as it does not directly flow from the business activity of the industrial undertaking. The court also rejected the argument for netting interest earned on FDRs against interest paid on bank overdraft, citing relevant Supreme Court precedents. Ultimately, the court dismissed both appeals filed by the Assessee, ruling that there was no substantial question of law to consider. en-us Fri, 24 Aug 2012 00:00:00 +0530 Wed, 09 Jan 2013 14:58:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220072 The court held that interest income earned on Fixed Deposit Receipts (FDRs) pledged as security with departments does not qualify for deduction under Section 80-IB as it does not directly flow from the business activity of the industrial undertaking. The court also rejected the argument for netting interest earned on FDRs against interest paid on bank overdraft, citing relevant Supreme Court precedents. Ultimately, the court dismissed both appeals filed by the Assessee, ruling that there was no substantial question of law to consider. Case-Laws Income Tax Fri, 24 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220072