Deduction U/s. 80HHC not available on Interest, rent and miscellaneous income

M/s. Ashok Leyland Ltd Vs DCIT (Madras High Court) Issue- Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the appellant is not entitled to deduction under section 80HHC of the Income Tax Act, in respect of the interest, rent and miscellaneous income earned out of business operations? Hon’ble High Court held in favour in favour of the Revenue and against the assessee in the light of the decision, in the case of Commissioner of Income Tax Vs. K. Ravindranathan Nair reported in (2007) 295 ITR 0228. The operative portion of the judgeme...