Interest Income Derived from Business Advances, Fixed Deposits shall be eligible for Profit and Gains Deduction u/s 80IB of the Act: ITAT grants Relief to Adani Ports

By Aparna. M - On April 26, 2023 4:00 pm - 2 mins read

Interest Income - Business Advances - Fixed Deposits - Profit - Gains - Deduction - ITAT - Adani Ports - Adani - Taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has recently held that interest income derived from business advances and fixed deposits is eligible for profit and gains deduction under Section 80IB of the Income Tax Act, 1961. Section 80IB of the Income Tax Act deals with deductions in respect of profit and gains…

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