ITAT explains difference between “derived from the undertaking” and “derived from the business of the undertaking”

Tema Exchangers Manufactures Pvt. Ltd Vs ACIT (Bombay High Court) 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) was admitted on 18th July, 2006 on the following substantial questions of law :- (a) On the facts and in the circumstances of the case, whether the Income­-tax Appellate Tribunal was right in law in reversing the order of the CIT(A) and restoring that of the Respondent No.1 and thereby denying the appellant the benefit of Section 80IA of the I. T. Act, in respect of interest income of Rs.6,69,573/­? (b) On the facts and in the circumstances of the case, wh...