https://www.taxtmi.com/caselaws?id=371694 The High Court of Madras ruled in an appeal regarding the interpretation of Section 80HHC of the Income Tax Act for deduction eligibility based on interest income. The Court found that the interest income from bank deposits should not be claimed as a deduction if it was not the primary purpose of the business activity. The Court emphasized the necessity of a thorough assessment of facts and legal aspects in such cases. The appeal was allowed, setting aside previous orders and remanding the matter for fresh consideration by the Assessing Officer in accordance with the law. en-us Mon, 19 Nov 2018 00:00:00 +0530 Sat, 08 Dec 2018 06:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371694 The High Court of Madras ruled in an appeal regarding the interpretation of Section 80HHC of the Income Tax Act for deduction eligibility based on interest income. The Court found that the interest income from bank deposits should not be claimed as a deduction if it was not the primary purpose of the business activity. The Court emphasized the necessity of a thorough assessment of facts and legal aspects in such cases. The appeal was allowed, setting aside previous orders and remanding the matter for fresh consideration by the Assessing Officer in accordance with the law. Case-Laws Income Tax Mon, 19 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371694