https://www.taxtmi.com/caselaws?id=259600 The Tribunal upheld the Assessing Officer's restriction of deduction under Section 80IC, emphasizing that profits from the sale of business assets and interest income from FDRs could not be considered as profits derived from the industrial undertaking. The Tribunal also ruled that the profit from the sale of the undertaking did not qualify for deduction under Section 80IC as it did not directly derive from the business activities. Additionally, the Tribunal disallowed the deduction on interest income from FDRs and upheld the computation of short-term capital gain and the treatment of expenses as capital expenditure, ultimately dismissing the assessee's appeal. en-us Fri, 17 Apr 2015 00:00:00 +0530 Fri, 15 May 2015 08:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259600 The Tribunal upheld the Assessing Officer's restriction of deduction under Section 80IC, emphasizing that profits from the sale of business assets and interest income from FDRs could not be considered as profits derived from the industrial undertaking. The Tribunal also ruled that the profit from the sale of the undertaking did not qualify for deduction under Section 80IC as it did not directly derive from the business activities. Additionally, the Tribunal disallowed the deduction on interest income from FDRs and upheld the computation of short-term capital gain and the treatment of expenses as capital expenditure, ultimately dismissing the assessee's appeal. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259600