Interest from Fixed Deposit is an Unearned Passive Income derived out of Non-Manufacturing Activity and not Eligible for Deduction U/S 80IC: ITAT [Read Order]

Interest - Fixed Deposit - Passive Income - Non Manufacturing Activity - Deduction - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi Bench presided by Mr. Aakash Deep Jain, Vice President, and Dr. B. R. R. Kumar, Accountant Member has held that interest from the fixed deposit is an unearned passive income derived out of non-manufacturing activity and not eligible for deduction under section 80IC. The appellant, Narayan Industries, is…

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