https://www.taxtmi.com/caselaws?id=256506 Calcutta HC ruled on Section 80IC deduction claims by an industrial undertaking. The court denied deduction for interest income from fixed deposits, holding that such income cannot be considered derived from manufacturing business as required under Section 80IC. However, the court allowed deduction for profits from scrap sales, finding direct nexus between scrap materials and the manufacturing process. The scrap materials were integral to producing V-Belts, oil seals, O-Rings and rubber products, making such profits eligible for twenty percent deduction under the provision. en-us Tue, 23 Dec 2014 00:00:00 +0530 Wed, 14 May 2025 12:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256506 Calcutta HC ruled on Section 80IC deduction claims by an industrial undertaking. The court denied deduction for interest income from fixed deposits, holding that such income cannot be considered derived from manufacturing business as required under Section 80IC. However, the court allowed deduction for profits from scrap sales, finding direct nexus between scrap materials and the manufacturing process. The scrap materials were integral to producing V-Belts, oil seals, O-Rings and rubber products, making such profits eligible for twenty percent deduction under the provision. Case-Laws Income Tax Tue, 23 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256506