https://www.taxtmi.com/caselaws?id=13131 The court ruled that interest income and dividends from bank deposits and SBI Magnum units do not qualify as business income under section 80HHC of the Income-tax Act, 1961, and are not eligible for deduction. It overturned the Tribunal's decision on the eligibility of interest from fixed deposits and Magnum deposits for deduction, stating they are income from "other sources." The court clarified the definition of 'total turnover' to include amounts received for construction activities. It directed the Tribunal to recalculate the deduction for the construction division based on total receipts. The court remanded the case for the correct calculation of the proportionate income deduction under section 80HHC. en-us Fri, 30 Nov 2001 00:00:00 +0530 Tue, 26 May 2009 16:01:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13131 The court ruled that interest income and dividends from bank deposits and SBI Magnum units do not qualify as business income under section 80HHC of the Income-tax Act, 1961, and are not eligible for deduction. It overturned the Tribunal's decision on the eligibility of interest from fixed deposits and Magnum deposits for deduction, stating they are income from "other sources." The court clarified the definition of 'total turnover' to include amounts received for construction activities. It directed the Tribunal to recalculate the deduction for the construction division based on total receipts. The court remanded the case for the correct calculation of the proportionate income deduction under section 80HHC. Case-Laws Income Tax Fri, 30 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13131