https://www.taxtmi.com/caselaws?id=285300 The Tribunal held that interest income from security deposits with HPSEB should be classified as 'business income' and is eligible for set off against business expenditure. Certain incomes like interest from HPSEB, rent, and miscellaneous receipts were deemed ineligible for deduction under Section 80IC. Interest reimbursement under TUFS was considered a reimbursement of interest expenditure. Interest income on delayed payments was classified as 'business income.' The process of converting yarn into thread was deemed a manufacturing activity. Various receipts were assessed for eligibility under Section 80IC, with different conclusions reached. The assessee's appeals were partly allowed, and the Revenue's appeals were dismissed for statistical purposes. en-us Thu, 13 Jul 2017 00:00:00 +0530 Tue, 07 Jan 2020 06:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285300 The Tribunal held that interest income from security deposits with HPSEB should be classified as 'business income' and is eligible for set off against business expenditure. Certain incomes like interest from HPSEB, rent, and miscellaneous receipts were deemed ineligible for deduction under Section 80IC. Interest reimbursement under TUFS was considered a reimbursement of interest expenditure. Interest income on delayed payments was classified as 'business income.' The process of converting yarn into thread was deemed a manufacturing activity. Various receipts were assessed for eligibility under Section 80IC, with different conclusions reached. The assessee's appeals were partly allowed, and the Revenue's appeals were dismissed for statistical purposes. Case-Laws Income Tax Thu, 13 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285300