https://www.taxtmi.com/caselaws?id=297458 The ITAT, Kolkata allowed the Assessee's appeal challenging the denial of deduction u/s 80IC on interest income from a fixed deposit. The ITAT directed the Ld. CIT(A) to re-examine the issue of netting the interest income, emphasizing that if the interest income was genuinely related to business activities, it should be treated as a business receipt and allowed for netting as per relevant legal principles. The appeal was allowed for statistical purposes, and the issue of netting interest income was remanded back to the Ld. CIT(A) for further consideration. en-us Wed, 10 Mar 2021 00:00:00 +0530 Mon, 06 Sep 2021 11:27:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297458 The ITAT, Kolkata allowed the Assessee's appeal challenging the denial of deduction u/s 80IC on interest income from a fixed deposit. The ITAT directed the Ld. CIT(A) to re-examine the issue of netting the interest income, emphasizing that if the interest income was genuinely related to business activities, it should be treated as a business receipt and allowed for netting as per relevant legal principles. The appeal was allowed for statistical purposes, and the issue of netting interest income was remanded back to the Ld. CIT(A) for further consideration. Case-Laws Income Tax Wed, 10 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297458