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2012 (5) TMI 487 - HC - Income TaxDeduction u/s 80HHC - denial of benefit of netting of interest - Held that:- Apex court held in case of ACG Associated Capsules Private Limited v. Commissioner of Income Tax, Central-IV, Mumbai[2012 (2) TMI 101 (SC)] that 90% of not the gross interest/rent but only the net interest/rent, which has been included in the profits of the business of the assessee as computed under the heads ‘PGBP’ is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business. Matter remanded back to A.O. to work out the deductions – Decided in favor of assessee.
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