Assessee-company, engaged in manufacturing and trading in slitting colour paper, GAF/X-Ray films, claimed deduction under section 80IB on a certain amount, including on interest income received consequent to refund of income tax under section 244A. Assessing Officer disallowed the deduction on such interest income. Court held that since interest income received on refund of excess income tax paid was not profit or gain derived from assessee’s business activity either directly or indirectly, it was not eligible for deduction. (AY. 2011-12)