https://www.taxtmi.com/caselaws?id=459054 ITAT Chennai allowed deduction u/s. 80IA(4)(iii) to partnership firm for industrial park operation and maintenance. The firm acquired a notified industrial park undertaking from transferor company as capital contribution. ITAT held that the date restriction in section 80IA(4)(iii) applies to scheme notification, not industrial park notification date. Transfer provisions under section 80IA(12) permit transferee to claim remaining deduction period. However, interest income from mandatory fixed deposits was excluded from industrial undertaking income and directed to be assessed separately under "income from other sources" with corresponding interest expenditure allowed as deduction. en-us Wed, 03 Jan 2024 00:00:00 +0530 Wed, 27 Nov 2024 18:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459054 ITAT Chennai allowed deduction u/s. 80IA(4)(iii) to partnership firm for industrial park operation and maintenance. The firm acquired a notified industrial park undertaking from transferor company as capital contribution. ITAT held that the date restriction in section 80IA(4)(iii) applies to scheme notification, not industrial park notification date. Transfer provisions under section 80IA(12) permit transferee to claim remaining deduction period. However, interest income from mandatory fixed deposits was excluded from industrial undertaking income and directed to be assessed separately under "income from other sources" with corresponding interest expenditure allowed as deduction. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459054