April 2010

Section 80-IB

Bombay H.C : Whether on the facts and circumstances and in law, the Tribunal was right in upholding the order of CIT(A) directing the AO not to reduce the receipt of interest income by way of bill discounting at Rs. 80,31,351 and to allow deduction under s. 80-IB on the said interest income without appreciating that said income is not ‘derived from’ manufacturing ?

High Court Of Bombay CIT vs. Vidyut Corporation Section 80-IB Asst. Year 2000-01 Dr. D.Y. Chandrachud & J.P. Devadhar, JJ.

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