Assessee Ineligible for Section 80IA Deduction: Interest and Surcharges Not Directly Tied to Main Business Activity.

Assessee Ineligible for Section 80IA Deduction: Interest and Surcharges Not Directly Tied to Main Business Activity. https://www.taxtmi.com/highlights?id=56796 Deduction u/s.80IA - Interest and other income - the assessee is not entitled for deduction towards eligible profit u/s.80IA of the Act in respect of other income because said income does not have first degree nexus with the main business activity of the assessee. - Further surcharge received from Electricity Board does not form part of income from operations, which is eligible for deduction u/s.80IA. - AT en-us Fri, 19 Feb 2021 16:06:59 +0530 Fri, 19 Feb 2021 16:06:59 +0530 TaxTMI RSS Generator Assessee Ineligible for Section 80IA Deduction: Interest and Surcharges Not Directly Tied to Main Business Activity. https://www.taxtmi.com/highlights?id=56796 Deduction u/s.80IA - Interest and other income - the assessee is not entitled for deduction towards eligible profit u/s.80IA of the Act in respect of other income because said income does not have first degree nexus with the main business activity of the assessee. - Further surcharge received from Electricity Board does not form part of income from operations, which is eligible for deduction u/s.80IA. - AT Highlights Income Tax Fri, 19 Feb 2021 16:06:59 +0530 https://www.taxtmi.com/highlights?id=56796