https://www.taxtmi.com/caselaws?id=15994 The High Court ruled against the assessee in a case concerning the eligibility of cash assistance under section 80HH of the Income-tax Act and the allowability of interest paid under section 220(2) as a deduction. The Court held that cash assistance received for exports did not qualify as profit derived from the industrial undertaking under section 80HH. Additionally, the Court determined that interest paid under section 220(2) could not be deducted as it was levied based on the profits or gains of the business. The High Court upheld the Tribunal's decisions on both issues, denying the assessee relief and deduction. en-us Tue, 08 Jun 1999 00:00:00 +0530 Mon, 31 Aug 2009 13:30:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15994 The High Court ruled against the assessee in a case concerning the eligibility of cash assistance under section 80HH of the Income-tax Act and the allowability of interest paid under section 220(2) as a deduction. The Court held that cash assistance received for exports did not qualify as profit derived from the industrial undertaking under section 80HH. Additionally, the Court determined that interest paid under section 220(2) could not be deducted as it was levied based on the profits or gains of the business. The High Court upheld the Tribunal's decisions on both issues, denying the assessee relief and deduction. Case-Laws Income Tax Tue, 08 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15994