Interest income earned by assessee on money in bank related to business income is allowed u/s 80IA

Issue before court: Whether tribunal was right in allowing appeal of the assessee holding that the interest income earned by the assessee on fixed deposits with the bank and other interest income are eligible for deduction u/s 80IA. Brief facts: Assessee claimed deduction u/s 80 IA on the interest accrued on the fixed deposit in the bank. AO denied the same and added to the income of the assessee. ITAT allowed this issue in favour of the assessee. Contention of the revenue: Revenue relied upon the decision of Bombay high Court in CIT Vs Dresser Rand India Pvt. Ltd. [2011] 11 Taxmann 281 ...