2011 (8) TMI 46 - HC - Income Tax

Special deduction -Whether the Appellate Tribunal was right in law in holding that the interest received should not be set off against the interest paid and claimed as deduction in computing business profits - Held that - the issues are covered against the assessee by reason of a decision of this Court reported in Commissioner of Income Tax Vs. Chinnapandi 2006 -TMI - 9534 - MADRAS High Court - Decided against the aasessee.

Summary

The High Court of Madras dismissed the tax case appeals for the assessment years 1996-1997 and 1997-1998. The court held that interest received should not be set off against interest paid for deduction in computing business profits. The decision was based on previous judgments of the court.