Assessee is a co-operative society, engaged in business of manufacturing of urea and ammonia it had earned interest income from employees on advances, equipment hire charges, ammonia tank wagon hire charges, cane hire charges, interest income from banks and financial institutions, interest on deposit maintained under section 32AB with development bank. It claimed said income as deduction under section 80-IA. The Assessing Officer disallowed the claim. Order of the Assessing Officer was affirmed by the Tribunal. On appeal the High Court held that since the income earned was  not derived  from industrial undertaking, the assessee is not eligible for deduction under section 80IA of the Act. (AY. 1996-97)