Deputy Commissioner Of Income Tax vs Transpower (P) Ltd.

Authority: ITAT Tribunal/Court: Gauhati Date: 2001-07-17 AY: 1979-80 Section: 139(8), 215(6), 217 Acts: Income Tax Act 1961 Result: Assessee Citation: (2001) 72 TTJ (Gau) 867 : (2002) 80 ITD 1 (Gau) Justices: G. Chowdhury, J.M. & R.C. Sharma, A.M. Appeal No: ITA Nos. 338 to 340/Gau/1994; Asst. yrs. 1987-88, 1988-89 & 1990-91
Whether interest income from fixed deposits created from business advances for procuring bank guarantees and overdraft facilities qualifies as business income eligible for deductions under sections 80HH, 80-I, and 32AB of the Income Tax Act, 1961 --- Held Yes.

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