Bombay HC Upholds 80IA Deduction on Interest Income for IT Park Leasing

PCIT (Central)­1 Vs Hiranandani Builders (Bombay High Court) The Bombay High Court dismissed a tax appeal filed by the Principal Commissioner of Income Tax (Central) against Hiranandani Builders, an assessee engaged in the business of developing and leasing out IT Parks and Special Economic Zones (SEZ). The case, concerning the assessment year 2009-10, revolved around the assessee’s claim for deduction under Section 80IA of the Income Tax Act, 1961. The core issue was whether interest income earned from sources such as income tax refunds and fixed deposits (FDRs) could be considered as...