https://www.taxtmi.com/caselaws?id=262803 The High Court upheld the Tribunal's decision to include interest income as part of the business income for computing the deduction under section 32AB of the Income Tax Act. The court ruled in favor of the respondent-assessee, stating that the interest income earned due to financial institutions' insistence should be considered business income. Additionally, the court affirmed the Tribunal's decision to allow separate relief under sections 80HHA and 80I, based on a precedent set by the Supreme Court. Both Tax Appeals were dismissed, with judgments favoring the respondent-assessee and against the Revenue. en-us Tue, 21 Aug 2012 00:00:00 +0530 Thu, 20 Aug 2015 10:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262803 The High Court upheld the Tribunal's decision to include interest income as part of the business income for computing the deduction under section 32AB of the Income Tax Act. The court ruled in favor of the respondent-assessee, stating that the interest income earned due to financial institutions' insistence should be considered business income. Additionally, the court affirmed the Tribunal's decision to allow separate relief under sections 80HHA and 80I, based on a precedent set by the Supreme Court. Both Tax Appeals were dismissed, with judgments favoring the respondent-assessee and against the Revenue. Case-Laws Income Tax Tue, 21 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262803