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2014 (4) TMI 851 - HC - Income TaxClaim of deduction u/s 80HHC of the Act – Excess deduction to interest income – Held that:- The Tribunal was of the view that once the income is assessed as income from other sources, the profits of the business to be calculated for the purpose of deduction u/s 80HHC (3) will automatically get reduced by the amount of the interest and the benefit of Section 80 HHC was applicable only in the case in which the interest income is assessed under the head “income from profit and gains of the business” – following Pandian Chemicals Vs. CIT [2003 (4) TMI 3 - SUPREME Court] – the interest derived by the industrial undertaking of the assessee on deposits made with the Electricity Board for the supply of electricity for running the industrial undertaking could not be said to flow directly from the industrial undertaking itself and was not profits or gains derived by the undertaking for the purpose of the special deduction u/s 80HH - the decision of the ITAT is based on the judgment of the SC – thus, no substantial question of law arises for consideration – Decided against Revenue.
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