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2002 (9) TMI 56 - HC - Income TaxWhether on a true construction of the Explanation (baa) to section 80HHC of the Income-tax Act, 1961, interest, rent and commission are to be deducted from export profits or only net receipts, if any, after taking into account the payments? Interest paid and claimed as deduction in the computation of profits and gains for business, cannot be set off against interest received and computed under income from "other sources". What has been said about interest is equally applicable to rent and commission included in the computation under the head "Profits and gains of business or profession". The question is answered against the assessee and in favour of the Revenue.
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