https://www.taxtmi.com/caselaws?id=2131 The court held that interest arising from bank deposits should not be included under 'profit and gains' for computing deduction under Section 80HHC of the Income Tax Act. The court clarified that deductions should be made from profits computed under the specific head, not from any other income head. It concluded that interest from bank deposits is not to be considered as part of business profits for the purpose of deduction calculation under Section 80HHC. The appeal was allowed with no costs incurred, overturning the decisions of the first appellate authority and the Tribunal. en-us Mon, 05 Mar 2007 00:00:00 +0530 Fri, 01 Aug 2008 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2131 The court held that interest arising from bank deposits should not be included under 'profit and gains' for computing deduction under Section 80HHC of the Income Tax Act. The court clarified that deductions should be made from profits computed under the specific head, not from any other income head. It concluded that interest from bank deposits is not to be considered as part of business profits for the purpose of deduction calculation under Section 80HHC. The appeal was allowed with no costs incurred, overturning the decisions of the first appellate authority and the Tribunal. Case-Laws Income Tax Mon, 05 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2131