IT : Where assessee-industrial undertaking kept certain amount in fixed deposits on account of pre-condition of its business activity

IT : Where assessee-industrial undertaking kept certain amount in fixed deposits on account of pre-condition of its business activity, interest earned on said deposits could not be regarded as income derived from industrial undertaking and, thus, assessee's claim for deduction in respect of said interest under section 80-I was to be rejected

[2014] 42 taxmann.com 179 (Himachal Pradesh)

HIGH COURT OF HIMACHAL PRADESH

Himachal Futuristic Communication Ltd.

v.

Commissioner of Income-tax

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