Deduction u/s 80-IC not available on interest earned on fixed deposit

Narayan Industries Vs ACIT (ITAT Delhi) Held that interest earned out of the fixed deposit made from the surplus funds being not connected to the manufacturing activity and do not form an integral part of the profits derived from industrial unit is not eligible for deduction Facts- The appellant is a partnership firm engaged in the business of manufacturing and export of home furnishings items like quilts, bedspreads, cushion covers, etc. The appellant during the assessment proceedings claimed deduction under section 80IC for the interest income earned from fixed deposit pledged to avail overd...