https://www.taxtmi.com/caselaws?id=55325 The court held that interest recovered from debtors for late payment of the sale price is not derived from the industrial undertaking. Interest from bank deposits pledged for obtaining LC and bank guarantee, interest from IDBI on deposits required under a specific Act, and interest from sarafi and bank on deposits out of initial/surplus funds are also not considered as income derived from the industrial undertaking. Insurance claim receipts are treated as business income. Sale of scrap, spare parts, and raw material are considered income from the industrial undertaking. Specific cases were analyzed, with some entities being entitled to deductions under certain sections while not for others. en-us Fri, 25 Apr 2003 00:00:00 +0530 Thu, 25 Nov 2010 15:16:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55325 The court held that interest recovered from debtors for late payment of the sale price is not derived from the industrial undertaking. Interest from bank deposits pledged for obtaining LC and bank guarantee, interest from IDBI on deposits required under a specific Act, and interest from sarafi and bank on deposits out of initial/surplus funds are also not considered as income derived from the industrial undertaking. Insurance claim receipts are treated as business income. Sale of scrap, spare parts, and raw material are considered income from the industrial undertaking. Specific cases were analyzed, with some entities being entitled to deductions under certain sections while not for others. Case-Laws Income Tax Fri, 25 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55325