https://www.taxtmi.com/caselaws?id=253839 Interest income from banks, fixed deposits and IDBI was not eligible for deduction under Sections 80HH and 80I and was therefore excluded from the eligible business-profit base. The exclusion, however, operated on the net interest amount rather than gross receipts: expenditure directly connected with earning the interest had to be adjusted before computing the amount excluded. The assessee failed on entitlement to deductions for the disputed interest income but succeeded on the limited issue of netting corresponding interest expenses against interest receipts. en-us Tue, 11 Nov 2014 00:00:00 +0530 Fri, 05 Dec 2014 19:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253839 Interest income from banks, fixed deposits and IDBI was not eligible for deduction under Sections 80HH and 80I and was therefore excluded from the eligible business-profit base. The exclusion, however, operated on the net interest amount rather than gross receipts: expenditure directly connected with earning the interest had to be adjusted before computing the amount excluded. The assessee failed on entitlement to deductions for the disputed interest income but succeeded on the limited issue of netting corresponding interest expenses against interest receipts. Case-Laws Income Tax Tue, 11 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253839