1999 (10) TMI 51 - HC - Income Tax

Summary

The High Court of Delhi directed the Income-tax Appellate Tribunal to refer a question regarding the eligibility of interest income for deduction under section 32AB of the Income-tax Act, 1961. The Tribunal's decision in favor of treating interest income as eligible for deduction was upheld based on the nexus to the business activity of construction. The Court found that the Tribunal had not fully considered the scope of "eligible" under section 32AB and directed the Tribunal to refer the question for the court's opinion.