https://www.taxtmi.com/caselaws?id=34895 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal, ruling against the appellant's entitlement to deductions under section 80-I for duty drawback and interest earned on bank deposits. The court emphasized the necessity for income to be directly derived from the industrial undertaking to qualify for deductions under section 80-I, highlighting the importance of a clear nexus between the income and the industrial activity for eligibility. The appeal was dismissed, affirming that duty drawback and interest income did not have a direct connection with the industrial activity, thus not meeting the criteria for deduction under section 80-I. en-us Wed, 07 Nov 2007 00:00:00 +0530 Sat, 07 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34895 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal, ruling against the appellant's entitlement to deductions under section 80-I for duty drawback and interest earned on bank deposits. The court emphasized the necessity for income to be directly derived from the industrial undertaking to qualify for deductions under section 80-I, highlighting the importance of a clear nexus between the income and the industrial activity for eligibility. The appeal was dismissed, affirming that duty drawback and interest income did not have a direct connection with the industrial activity, thus not meeting the criteria for deduction under section 80-I. Case-Laws Income Tax Wed, 07 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34895