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2011 (9) TMI 468 - MADRAS HIGH COURTDeduction under 80HHC for "Gross or Net" Interest - Held That:- In view of CIT vs V. Chinnapandi (2006 (1) TMI 65 - MADRAS High Court), 90 per cent of the interest that is deductible for the claim under section 80HHC of the Act is from the gross interest received by the assessee and that the amount of interest paid by the assessee should not be deducted therefrom. Decided against assessee. Loss of cigarette division while computing business profits from export - leather and cigarette are two independent business - Held That:- In view of IPCA Laboratory (2004 (3) TMI 9 - SUPREME Court), when the assessee was exporting trading goods as well as the manufacturing goods, the loss suffered by the assessee in export of any one of the goods, cannot be ignored and it has to be taken into consideration while computing the profit for the purpose of deduction under Section 80HHC.
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