https://www.taxtmi.com/caselaws?id=446650 The ITAT Mumbai held that fixed deposit interest income lacked nexus with eligible infrastructure business and was not deductible under Section 80IA. The tribunal dismissed the primary ground but allowed the alternative argument regarding netting off interest income against finance costs, remanding the matter to the AO for factual examination. Additionally, the tribunal ruled that income from sale of scrap materials (wire ropes, waste oil) generated from port maintenance and operational activities was eligible for Section 80IA deduction as it had direct nexus with the infrastructure facility business. The appeal was partly allowed. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 07 Dec 2023 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446650 The ITAT Mumbai held that fixed deposit interest income lacked nexus with eligible infrastructure business and was not deductible under Section 80IA. The tribunal dismissed the primary ground but allowed the alternative argument regarding netting off interest income against finance costs, remanding the matter to the AO for factual examination. Additionally, the tribunal ruled that income from sale of scrap materials (wire ropes, waste oil) generated from port maintenance and operational activities was eligible for Section 80IA deduction as it had direct nexus with the infrastructure facility business. The appeal was partly allowed. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446650