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2007 (9) TMI 223 - HC - Income TaxPriority industry - Assessee is an industrial undertaking engaged in conversion of coal tar into hard pitch anthrance oil etc. being the priority industry - Tribunal was right in law in holding that the interest income on FDR with bank and on deposit with IDBI is part of the profits and gains derived from an industrial undertaking attracts section 80-I – this interest has close nexus with the business of the assessee-company hence deduction allowable u/s 80 I
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