https://www.taxtmi.com/caselaws?id=183701 The Court dismissed the appeal, ruling in favor of the revenue. It upheld the Tribunal's decision to deny the rectification application concerning the deduction under section 80HHC(3A) of the Income-tax Act, 1961. The Court determined that interest earned on Fixed Deposit Receipts (FDRs) did not qualify as business income but as income from other sources. It also supported the view that interest paid and received are separate transactions, thereby rejecting the netting of interest for deduction purposes. The decision was grounded in established legal principles and prior judgments. en-us Fri, 12 Oct 2007 00:00:00 +0530 Thu, 01 Feb 2024 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183701 The Court dismissed the appeal, ruling in favor of the revenue. It upheld the Tribunal's decision to deny the rectification application concerning the deduction under section 80HHC(3A) of the Income-tax Act, 1961. The Court determined that interest earned on Fixed Deposit Receipts (FDRs) did not qualify as business income but as income from other sources. It also supported the view that interest paid and received are separate transactions, thereby rejecting the netting of interest for deduction purposes. The decision was grounded in established legal principles and prior judgments. Case-Laws Income Tax Fri, 12 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183701