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2011 (11) TMI 195 - HC - Income TaxDetermination of "profits of business" in terms of Explanation (baa) to Section 80HHC - 90% of the net commission or gross commission receipts to be deducted while such determination – Held that:- In view of the consistent stand taken by this Court, by following the ratio laid down in The CIT vs V.Chinnapandi (2006 (1) TMI 65 - MADRAS High Court) for the purpose of giving deduction under Section 80HHC of the Act, the same must be from the gross interest received by the assessee. Accordingly, the impugned order of the Tribunal stands set aside and the substantial question of law is answered in favor of the Revenue.
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