https://www.taxtmi.com/caselaws?id=365710 The Tribunal held that interest on income tax refund is not eligible for deduction under section 80IE of the Income Tax Act, 1961. The decision was based on the reasoning that such interest does not constitute profits derived from the industrial undertaking and should be assessed under "Income from other sources." The Tribunal distinguished a previous Karnataka High Court decision involving interest on fixed deposits, emphasizing that income tax refund interest does not qualify for the same treatment. The appeal of the assessee was dismissed, affirming the decision of the CIT(A). en-us Wed, 25 Jul 2018 00:00:00 +0530 Wed, 22 Aug 2018 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365710 The Tribunal held that interest on income tax refund is not eligible for deduction under section 80IE of the Income Tax Act, 1961. The decision was based on the reasoning that such interest does not constitute profits derived from the industrial undertaking and should be assessed under "Income from other sources." The Tribunal distinguished a previous Karnataka High Court decision involving interest on fixed deposits, emphasizing that income tax refund interest does not qualify for the same treatment. The appeal of the assessee was dismissed, affirming the decision of the CIT(A). Case-Laws Income Tax Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365710