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2010 (12) TMI 287 - HC - Income TaxDeductions under Section 80HHC – interest income cannot be considered to be business income as it has no relation with the export activities of Respondent - CIT(A) allowed the deduction by stating that though the main object of the Respondent is to extract iron ore and export the same, the assessee's company is not barred from carrying on activity like the present one. It has been further held therein that in such a situation it cannot be said that the assessee has not carried out the business of placing various deposits and earning interest from the same activity in the course of the business of the assessee. - Held that: - authorities below have held that the income from the interest received by the Respondent is a part of the business profit and as such in view of the said judgment in the case of Alfa Laval India Ltd. (2007 -TMI - 32446 - SUPREME Court), the same cannot be excluded from the business profit while calculating the deduction under Section 80HHC of the said Act.
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