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2015 (9) TMI 665 - BOMBAY HIGH COURTIssue of interest income restored to the file of the A.O. by ITAT to exclude 90 % of 'net' interest income - whether the receipt on account of electronic data processing and professional services is not income but in the nature of reimbursement of expenses. Therefore, no occasion to invoke clause (bba) of Explanation to 80HHC would arise? - Held that:- We accept the revenue's contention that the receipts attributable to electronic data process and professional services would be in the nature of income. Therefore while answering Question in negative i.e. in favour of the appellant-revenue and against the respondent-assessee, the Assessing Officer while giving effect to this order, would examine whether or not, there is any income on net basis i.e. after reducing expenditure from gross receipts. It is only thereafter, if there is a positive income, the Assessing Officer would apply the provisions of clause (baa) of the Section 80HHC of the Act. - Decided against assessee.
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