https://www.taxtmi.com/caselaws?id=284393 The High Court of Calcutta dismissed the revenue's appeal regarding the deduction of interest earned by the assessee from customers and fixed deposits under Section 80 IB. The Court found that the interest income was directly connected to the business activities as it stemmed from borrowed funds used for business purposes. Relying on precedents emphasizing the nexus between income and business operations, the Court upheld the decisions of the CIT(A) and Tribunal, concluding that the interest income qualified as business income, leading to the dismissal of the appeal in favor of the assessee. en-us Mon, 21 Jul 2014 00:00:00 +0530 Sat, 16 Nov 2019 10:33:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284393 The High Court of Calcutta dismissed the revenue's appeal regarding the deduction of interest earned by the assessee from customers and fixed deposits under Section 80 IB. The Court found that the interest income was directly connected to the business activities as it stemmed from borrowed funds used for business purposes. Relying on precedents emphasizing the nexus between income and business operations, the Court upheld the decisions of the CIT(A) and Tribunal, concluding that the interest income qualified as business income, leading to the dismissal of the appeal in favor of the assessee. Case-Laws Income Tax Mon, 21 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284393