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2007 (11) TMI 299 - HC - Income TaxIndustrial undertakings – exemption under section 80I – duty drawback and interest - While completing the assessment, the Assessing Officer has restricted the claim of deduction under section 80-I by disallowing the claim of duty drawback as well as interest on bank deposit – held that – appellant is not entitled for deduction under section 80-I in respect of duty drawback - on the admitted fact that the deposits were made out of profit income for the purpose of availing of further facilities from the bank, we do not find any error in the order of the Tribunal holding that interest income would not qualify for deduction under section 80-I, it being linked for better business prospects and there is no nexus between export earnings and interest income
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