Case Law Details
A bare look at section 80-IB(4) would reveal that reference made to ‘profits and gains derived from such industrial undertakings’ and not to ‘profit and gains derived from any business of the industrial undertaking’. A conjoint reading of Section 80-IB(l) and 80-IB(4) would reveal that the expression ‘profits and gains derived from any business’ is to be read as ‘profits and gains derived from the industrial undertaking’ and the scope and ambit of Section 80-IB(1) is not in any manner wider than that of 80-IB(4). A holistic view of Section 80-IB would reveal that what is intended by the haw Makers to qualify for deduction is ‘profits and gains derived from the industrial undertaking’. ‘There is, therefore, no reason to bring within the fold of ‘profits and gains derived from industrial undertakings’ any income beyond the activities of the industrial undertakings on the ground that the words ‘any business’ finds expression in 80-IB(l).
In the instant interest income cannot be said to be an income flowing from the business activity of industrial Undertaking, thus, can not be computed for deduction u/s 80-IB of the Act.
HIGH COURT OF JAMMU AND KASHMIR
Asian Cement Industries
v.
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