https://www.taxtmi.com/caselaws?id=177925 The case addressed the entitlement to deduction under Section 80IC for transport and interest subsidies as part of business profit. The Revenue challenged the Income Tax Appellate Tribunal's decision, arguing that the subsidies did not constitute profit derived from the industrial undertaking. The Court emphasized the importance of a direct nexus between subsidies and profits from industrial undertakings for claiming deductions under Section 80-IB or Section 80-IC. Relying on precedent and distinguishing between subsidy types, the Court upheld the Tribunal's decision, dismissing the appeal. en-us Thu, 15 Jan 2015 00:00:00 +0530 Fri, 22 Jan 2016 10:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177925 The case addressed the entitlement to deduction under Section 80IC for transport and interest subsidies as part of business profit. The Revenue challenged the Income Tax Appellate Tribunal's decision, arguing that the subsidies did not constitute profit derived from the industrial undertaking. The Court emphasized the importance of a direct nexus between subsidies and profits from industrial undertakings for claiming deductions under Section 80-IB or Section 80-IC. Relying on precedent and distinguishing between subsidy types, the Court upheld the Tribunal's decision, dismissing the appeal. Case-Laws Income Tax Thu, 15 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177925