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
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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