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2008 (11) TMI 42 - HC - Income TaxWhether the interest earned on fixed deposits would enter the ring of profits u/s 80 HHC - held that interest earned does not have any immediate nexus with the export business and hence, will have to be treated as ‘income from other sources – held that assessee cannot be allowed to adjust interest paid to the bank on overdraft facility against the interest received on fixed deposits as this was not laid out ‘wholly and exclusively’ for the purpose of earning interest on fixed deposits.
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