https://www.taxtmi.com/caselaws?id=248976 The court dismissed the appeal against the Income Tax Appellate Tribunal's order, denying the deduction under section 80HHC of the Income Tax Act, 1961 for the assessment year 1997-98. It held that the interest earned from the Export Earner Foreign Currency Account did not qualify as business income but rather income from other sources, thus not meeting the criteria for the claimed deduction. The court clarified that eligibility for deduction under section 80HHC must align with income derived directly from business activities, distinguishing it from income generated from sources outside the core business operations. en-us Wed, 11 Jun 2014 00:00:00 +0530 Tue, 01 Jul 2014 08:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248976 The court dismissed the appeal against the Income Tax Appellate Tribunal's order, denying the deduction under section 80HHC of the Income Tax Act, 1961 for the assessment year 1997-98. It held that the interest earned from the Export Earner Foreign Currency Account did not qualify as business income but rather income from other sources, thus not meeting the criteria for the claimed deduction. The court clarified that eligibility for deduction under section 80HHC must align with income derived directly from business activities, distinguishing it from income generated from sources outside the core business operations. Case-Laws Income Tax Wed, 11 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248976