https://www.taxtmi.com/caselaws?id=280082 The ITAT upheld the CIT(A)'s decisions on most issues, allowing deductions under sections 80IB, 80IC, and 80HHC, including netting of interest income and other incomes related to business activities. The ITAT also confirmed the direct nexus between trading profit and industrial undertaking, reversing the disallowance by the AO. However, the ITAT disagreed with the CIT(A) on the deduction of dividend distribution tax while calculating book profit under section 115JB, holding that the AO was justified in disallowing the reduction. en-us Tue, 28 Aug 2012 00:00:00 +0530 Fri, 19 Apr 2019 17:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280082 The ITAT upheld the CIT(A)'s decisions on most issues, allowing deductions under sections 80IB, 80IC, and 80HHC, including netting of interest income and other incomes related to business activities. The ITAT also confirmed the direct nexus between trading profit and industrial undertaking, reversing the disallowance by the AO. However, the ITAT disagreed with the CIT(A) on the deduction of dividend distribution tax while calculating book profit under section 115JB, holding that the AO was justified in disallowing the reduction. Case-Laws Income Tax Tue, 28 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280082