https://www.taxtmi.com/caselaws?id=30127 The High Court of Delhi clarified that interest income earned on Fixed Deposit Receipts (FDRs) should be treated as income from other sources, not business income eligible for relief under Section 80HHC of the Income Tax Act. The court emphasized the need to exclude corresponding interest expenditure while computing profits for export businesses to avoid distorting eligible profits. The judgment provides guidance to Assessing Officers on accurately accounting for interest income to prevent unintended profit reduction for tax relief purposes. The appeal was allowed in favor of the revenue and against the assessee. en-us Thu, 31 Jul 2008 00:00:00 +0530 Tue, 19 Aug 2008 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30127 The High Court of Delhi clarified that interest income earned on Fixed Deposit Receipts (FDRs) should be treated as income from other sources, not business income eligible for relief under Section 80HHC of the Income Tax Act. The court emphasized the need to exclude corresponding interest expenditure while computing profits for export businesses to avoid distorting eligible profits. The judgment provides guidance to Assessing Officers on accurately accounting for interest income to prevent unintended profit reduction for tax relief purposes. The appeal was allowed in favor of the revenue and against the assessee. Case-Laws Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30127