https://www.taxtmi.com/caselaws?id=252607 The High Court partially allowed the Tax Appeal, ruling in favor of the Department for the first issue regarding deduction under sections 80HH and 80I of the Income Tax Act on interest income. However, the Court ruled in favor of the assessee for the second issue concerning the treatment of gross interest income for calculating deductions. The Court held that interest income from the bank did not directly relate to the industrial undertaking, thus excluding it for deduction purposes, based on precedents and relevant case law. en-us Fri, 10 Oct 2014 00:00:00 +0530 Thu, 30 Oct 2014 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252607 The High Court partially allowed the Tax Appeal, ruling in favor of the Department for the first issue regarding deduction under sections 80HH and 80I of the Income Tax Act on interest income. However, the Court ruled in favor of the assessee for the second issue concerning the treatment of gross interest income for calculating deductions. The Court held that interest income from the bank did not directly relate to the industrial undertaking, thus excluding it for deduction purposes, based on precedents and relevant case law. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252607