Deduction u/s. 80-IB disallowed for interest on staff advances and bank deposits: ITAT Ahmedabad

Sun Pharma Laboratories Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that deduction under Section 80-IB/80-IE of the Income Tax Act disallowed on loan to employees and bank deposits as such interest income is not income derived from industrial undertaking.

Facts- Vide the present appeal the appellant has contested disallowance of deduction u/s.80IB/ 80-IE in respect of interest on staff advances and statutory/ bank deposits. Notably, AO observed that the Assessee is not entitled for deduction under Section 80-IB/80-IE on loan to employees and bank depos

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