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2016 (7) TMI 1216 - HC - Income TaxComputation of deduction u/s 80HHC - whether the tribunal was right in law in directing to reduce only net amount of the receipts under clause (baa) of section 80HHC? Held that:- As decided in the case of Milton Laminates Ltd. v. Assistant Commissioner of Income-tax, Circle-4 [2015 (4) TMI 804 - GUJARAT HIGH COURT] held that 90% of not the gross interest but only the net interest, which has been included in the profits of the business of the assessee as computed under the heads “Profits and gain of business or profession” is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of business - Decided in favour of the Assessee
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