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2013 (7) TMI 143 - HC - Income TaxDeduction u/s 80HH, 80-I and 80-IA - interest on the fixed deposit - Profits and gains derived from any business of an industrial undertaking - Held that:- there is hardly any doubt about the sweep of expression “profits and gains derived from any business of an industrial undertaking” referred to in sub-section (4) - if the profit is linked or having nexus with the business, as in the present case, because of the pre-condition of the business activity to keep margin money in fixed deposit, which, in turn, derives interest is also covered by Section 80IA, cannot be countenanced. For, it cannot be treated as first source income, which is the quintessence for attracting the benefit and incentive provided under Section 80IA of the Act - Following decision of Liberty India vs. Commissioner of Income Tax [2009 (8) TMI 63 - SUPREME COURT] and CIT vs. Shahi Export House [2010 (8) TMI 785 - DELHI HIGH COURT] - Decided in favour of revenue.
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