2010 (3) TMI 455 - BOMBAY HIGH COURT

Special Deduction-Whether on the facts and in the circumstances of the case and in law, the hon’ble Tribunal was correct in holding that net interest on fixed deposits in banks received by the assessee-company should be considered for the purpose of working out the deduction under section 80HHC and not the gross interest ? held that- the task of interpretation is to find out the true intent of a legislative provision. Hence for the purpose of Explanation (baa) to section 80HHC the gross interest on fixed deposits in the bank received by the assessee should be considered for the purposes of working out the deduction under section 80HHC and not the net interest.