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2008 (7) TMI 595 - HC - Income TaxRevision - Scrutiny - Deduction u/s 80HHC - Disallowance - the assessee had disclosed gross interest on receipt of Rs.48,65,511, but after claiming deduction as contemplated under section 80HHC of the Act, according to it, the net interest worked out was Rs.45,51,207 as it was also required to spend money by way of interest to the loans obtained by it during the course of business - 90 per cent. of the interest that is deductible for the claim under section 80HHC of the Act is from the gross interest received by the assessee and that the amount of interest paid by the assessee should not be deducted there from - Decided against the assessee Delhi High Court in the matter of CIT v. Shri Ram Honda Power Equip [2007 -TMI - 2891 - HIGH COURT, DELHI] - under section 80HHC(3)(b) one has to balance the `principle of attribution' with the concept of `allocation - that was the case, wherein the direct question posed in this appeal was under consideration and has been answered as such - The reasoning and interpretation employed therein also appears to be reasonable and plausible - The appeal stands disposed of
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