No direct link between Interest Income and Industrial Activity: ITAT disallows S.80-IB/80-IE Deduction for Sun Pharma Labs Ltd [Read Order]

The Assessing Officer (AO) ruled against the deduction, citing Supreme Court precedents, and the CIT(A) upheld this decision based on similar prior rulings

By Sneha Sukumaran Mullakkal - On October 12, 2024 11:51 am - 2 mins read

ITAT - ITAT Ahmedabad - Sun Pharma - Interest Income - Sun Pharma tax case - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) disallowed the Section 80-IB/80-IE deduction under the Income Tax Act, 1961, for Sun Pharma Laboratories Ltd., stating there was no direct link between the interest income and industrial activity Sun Pharma Laboratories Ltd.,the appellant-assessee,appealed against the CIT(A) order dated 28.02.2019 for AY 2015-16, arising…

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