Dismissing the appeal of the revenue the Court held that interest earned from fixed deposit which were made out of business income of the assessee and the assessee had no other source of income. Order of Tribunal allowing the claim is affirmed. Referred CIT v. Calcutta National Bank Ltd. (1959) 37 ITR 171 (SC). (AY. 2009-10)
PCIT v. West Bengal Hosing Board (2022) 285 Taxmman 32 (Cal.)(HC)
S. 80IB(10) : Housing projects-Interest on fixed deposits-Derived from business-No other source of income-Deduction allowable. [S. 2(13), 56, 80IA]