https://www.taxtmi.com/caselaws?id=290030 The Appellate Tribunal ITAT Kolkata ruled in favor of the Revenue in a tax appeal case. The Tribunal held that the assessee did not qualify for a deduction under section 80IA(4)(i) of the Income Tax Act as their income did not stem from eligible business activities. The deduction granted was reversed due to insufficient evidence provided by the assessee. Additionally, the Tribunal remanded the issue of interest on the Treasury Account for further examination by the Assessing Officer to determine its tax treatment. The Tribunal also directed the AO to verify the taxability of interest income on fixed deposits, potentially taxing it if not previously declared. en-us Fri, 20 Sep 2019 00:00:00 +0530 Sat, 05 Sep 2020 10:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290030 The Appellate Tribunal ITAT Kolkata ruled in favor of the Revenue in a tax appeal case. The Tribunal held that the assessee did not qualify for a deduction under section 80IA(4)(i) of the Income Tax Act as their income did not stem from eligible business activities. The deduction granted was reversed due to insufficient evidence provided by the assessee. Additionally, the Tribunal remanded the issue of interest on the Treasury Account for further examination by the Assessing Officer to determine its tax treatment. The Tribunal also directed the AO to verify the taxability of interest income on fixed deposits, potentially taxing it if not previously declared. Case-Laws Income Tax Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290030