https://www.taxtmi.com/caselaws?id=186585 The High Court ruled in favor of the Revenue, holding that interest income earned on fixed deposit receipts by the appellant-assessee for export business purposes does not qualify as business income eligible for deduction under Section 80HHC of the Income Tax Act, 1961. The court emphasized that interest on fixed deposits, even if linked to export business loans, should be categorized as income from other sources, not business income. The judgment clarified that net interest, after deducting related expenses, should be considered for deduction under Section 80HHC, stressing the necessity of an immediate nexus between the interest income and the export business. en-us Wed, 16 Nov 2011 00:00:00 +0530 Fri, 23 Sep 2016 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186585 The High Court ruled in favor of the Revenue, holding that interest income earned on fixed deposit receipts by the appellant-assessee for export business purposes does not qualify as business income eligible for deduction under Section 80HHC of the Income Tax Act, 1961. The court emphasized that interest on fixed deposits, even if linked to export business loans, should be categorized as income from other sources, not business income. The judgment clarified that net interest, after deducting related expenses, should be considered for deduction under Section 80HHC, stressing the necessity of an immediate nexus between the interest income and the export business. Case-Laws Income Tax Wed, 16 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186585