2023 (11) TMI 293 - SCH - Income Tax

Deduction u/s 80IC - interest received on a fixed deposit, created pursuant to an order of the court to secure payment of entry tax - HC held 2023 (8) TMI 292 - DELHI HIGH COURT interest accrued on fixed deposits, furnished to secure payment of liability towards entry tax, cannot, by any stretch of imagination, be construed as income derived from eligible business i.e., profit and gains derived by an undertaking or an enterprise which is relatable to manufacturing or production of articles, thus it is not income qua which deduction u/s 80IC can be claimed by the appellant/assessee. HELD THAT - We are not inclined to interfere with the judgment and order impugned in this petition. The special leave petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the special leave petition and declined to interfere with the judgment and order impugned in the petition. Pending applications, if any, stand disposed of.