https://www.taxtmi.com/caselaws?id=59890 The ITAT Calcutta held in favor of the assessee, a partnership firm engaged in the export of hosiery goods, in a case involving the assessment of interest income for deduction under section 80HHC. The ITAT determined that the interest income from fixed deposits, made as security for obtaining credit facilities, should be considered business income and taxed under the head "Business." It emphasized the link between the fixed deposits and business activities, distinguishing cases where interest on deposits was not considered business income. The ITAT set aside the CIT's order and allowed the deduction under section 80HHC, ruling in favor of the assessee. en-us Wed, 08 Mar 1995 00:00:00 +0530 Sat, 01 Jan 2011 16:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59890 The ITAT Calcutta held in favor of the assessee, a partnership firm engaged in the export of hosiery goods, in a case involving the assessment of interest income for deduction under section 80HHC. The ITAT determined that the interest income from fixed deposits, made as security for obtaining credit facilities, should be considered business income and taxed under the head "Business." It emphasized the link between the fixed deposits and business activities, distinguishing cases where interest on deposits was not considered business income. The ITAT set aside the CIT's order and allowed the deduction under section 80HHC, ruling in favor of the assessee. Case-Laws Income Tax Wed, 08 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59890