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2012 (11) TMI 414 - ITAT, AHMEDABADInterest on FDR - disallowance as income derived is not from “industrial undertaking” u/s 10(B) - Held that:- The Excise Department has issued security bond after lien of 5% of FDR & assessee was required to keep a security deposit with the Central Excise Department for smooth export-business, but the interest earned on such security deposit could not be said to be derived from industrial undertaking - against assessee. Disallowance of balance written off - Held that:- Written off of sundry balances could not be attributed to the previous year and relates to the earlier years and could not be said to be related to the business income or income derived from export activities of the assessee - against assessee. Disallowance of building material sale - Held that:- the sale of building material could not be accepted to be derived from “industrial undertaking” eligible for deduction under section 10(B) of the Act - against assessee.
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