https://www.taxtmi.com/caselaws?id=31712 The High Court held that the interest earned on fixed deposits by the respondent did not qualify for deduction under Section 80 HHC of the Income Tax Act as it was not directly linked to the export business. Additionally, the court determined that the respondent could not offset the interest received on fixed deposits against the interest paid on overdraft facilities as the expenditure was not incurred solely for earning the interest on fixed deposits. The court upheld the decision of the Commissioner of Income-tax (Appeals) in disallowing the netting of interest amounts. en-us Fri, 21 Nov 2008 00:00:00 +0530 Thu, 25 Jun 2009 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31712 The High Court held that the interest earned on fixed deposits by the respondent did not qualify for deduction under Section 80 HHC of the Income Tax Act as it was not directly linked to the export business. Additionally, the court determined that the respondent could not offset the interest received on fixed deposits against the interest paid on overdraft facilities as the expenditure was not incurred solely for earning the interest on fixed deposits. The court upheld the decision of the Commissioner of Income-tax (Appeals) in disallowing the netting of interest amounts. Case-Laws Income Tax Fri, 21 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31712