https://www.taxtmi.com/caselaws?id=237320 The High Court ruled in favor of the respondent-assessee regarding the interpretation of Section 80 HH of the Income Tax Act, allowing deduction on interest received from debtors of customers on delayed payment. The Court held that the interest income from the Industrial Undertaking was eligible for deduction under Section 80 HH based on precedent. Additionally, the Court dismissed the appeal concerning the re-computation of deductions under Sections 80 HH and 80 I/80 J, emphasizing the independence of these sections and the consistent interpretation upheld by various High Courts and the Supreme Court. en-us Wed, 04 Sep 2013 00:00:00 +0530 Wed, 25 Sep 2013 07:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237320 The High Court ruled in favor of the respondent-assessee regarding the interpretation of Section 80 HH of the Income Tax Act, allowing deduction on interest received from debtors of customers on delayed payment. The Court held that the interest income from the Industrial Undertaking was eligible for deduction under Section 80 HH based on precedent. Additionally, the Court dismissed the appeal concerning the re-computation of deductions under Sections 80 HH and 80 I/80 J, emphasizing the independence of these sections and the consistent interpretation upheld by various High Courts and the Supreme Court. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237320