1996 (3) TMI 73 - HC - Income Tax

Summary

The High Court of Madras ruled that interest on securities, subsidies received from the Government, and dividends received by the assessee were considered business income entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The court referred to previous cases to support their decision. The question was answered in favor of the assessee, with no costs awarded.