https://www.taxtmi.com/caselaws?id=416631 The Calcutta High Court upheld the decisions of lower authorities regarding the interpretation of Section 80IB of the Income Tax Act. The Court affirmed that interest income accrued from fixed deposits made out of business income by the assessee, a government undertaking engaged in housing projects, qualified as income from business activities. Additionally, the Court upheld the interpretation of the phrase "derived from" in Section 80IA, confirming that the interest income directly stemmed from the assessee's business operations, primarily in the sale of flats, making it eligible for exemption under the Income Tax Act. en-us Mon, 06 Dec 2021 00:00:00 +0530 Mon, 03 Jan 2022 08:27:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416631 The Calcutta High Court upheld the decisions of lower authorities regarding the interpretation of Section 80IB of the Income Tax Act. The Court affirmed that interest income accrued from fixed deposits made out of business income by the assessee, a government undertaking engaged in housing projects, qualified as income from business activities. Additionally, the Court upheld the interpretation of the phrase "derived from" in Section 80IA, confirming that the interest income directly stemmed from the assessee's business operations, primarily in the sale of flats, making it eligible for exemption under the Income Tax Act. Case-Laws Income Tax Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416631