2017 (5) TMI 1641

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..... Ms. Archana Judgment 1. By way of this appeal, the appellant has assailed the judgment and order of the tribunal whereby tribunal has partly allowed the appeal of the assessee as well as allowed the appeal of the department. 2. The facts of the case are that the appellant company derives income from export of readymade garments. The original return of income claiming deduction u/s 80IB and 80 .....

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..... g the garments after borrowing funds from the bank on which interest was charged by the bank. That the aforesaid income on account of interest on FDR being intrinsically linked with the carrying on of the business of the appellant, the appellant claimed deduction u/s 80IB of the Act. The Assessing Officer excluded the income of Rs. 33,595/- on account of interest on FDR from the business income of .....

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..... d 80-I are independent of each other and therefore a new industrial unit can claim deduction under both the sections on the gross total income independently." 5. However, counsel for the respondent has pointed out that the same matter is referred to larger bench. 6. In our considered opinion, the issue is answered in favour of the assessee as on today on the basis of decision of the Supreme Cou .....

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