https://www.taxtmi.com/caselaws?id=313152 The Tribunal partially allowed the appellant's appeal regarding the reduction in claim under Section 10B of the I.T. Act, directing the AO to include scrap sale proceeds in the business profit calculation. However, it upheld the AO's exclusion of interest income as it lacked a direct nexus with business operations. The Tribunal rejected the appellant's appeal concerning the disallowance of benefits under Section 80IB, affirming that interest income and duty drawback should be excluded from business profits. The issue of interest chargeability under Sections 234A, 234B, and 234C was considered consequential, requiring no further adjudication. en-us Fri, 18 Jun 2010 00:00:00 +0530 Thu, 28 Mar 2024 14:16:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313152 The Tribunal partially allowed the appellant's appeal regarding the reduction in claim under Section 10B of the I.T. Act, directing the AO to include scrap sale proceeds in the business profit calculation. However, it upheld the AO's exclusion of interest income as it lacked a direct nexus with business operations. The Tribunal rejected the appellant's appeal concerning the disallowance of benefits under Section 80IB, affirming that interest income and duty drawback should be excluded from business profits. The issue of interest chargeability under Sections 234A, 234B, and 234C was considered consequential, requiring no further adjudication. Case-Laws Income Tax Fri, 18 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313152