Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 371 - HC - Income TaxExclusion of interest income for calculating the deduction u/s.80HHC – interest income earned on deposits made with bank to avail credit facilities – export business – assessee contending that deposit is a condition precedent to availment of credit facilities and unless the credit facilities are availed, the assessee cannot carry on business as exporters – assessee treating interest income under the head "business" – Held that:- Letters of banks produced do not show that they relate to the particular A.Y. and the amount was deposited out of compulsion and mandatory. In such view of the matter, the plea made by assessee that the matter may be remanded to the Assessing Authority cannot be accepted - Substantial questions of law is answered against the Assessee.
|