https://www.taxtmi.com/caselaws?id=277330 The Court ruled in favor of the assessee, allowing the interest receipt to constitute "business income" for deduction under section 80IB of the IT Act. It also permitted the interest expenditure incurred for generating such income to be allowed under section 57(iii) of the Act. The Court considered sections 80HHC and 80IB as independent for computing deductions on gross total income and decided in favor of the assessee based on relevant precedents and a Supreme Court decision. The appeal was allowed in favor of the assessee, pending further proceedings related to the third issue. en-us Mon, 11 Sep 2017 00:00:00 +0530 Sat, 01 Dec 2018 12:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277330 The Court ruled in favor of the assessee, allowing the interest receipt to constitute "business income" for deduction under section 80IB of the IT Act. It also permitted the interest expenditure incurred for generating such income to be allowed under section 57(iii) of the Act. The Court considered sections 80HHC and 80IB as independent for computing deductions on gross total income and decided in favor of the assessee based on relevant precedents and a Supreme Court decision. The appeal was allowed in favor of the assessee, pending further proceedings related to the third issue. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277330