Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 277 - MADRAS HIGH COURTExclusion of the Fixed Deposit Receipts in the business profit for granting deduction u/s 80HHC -Miscellaneous Petition - Held that:- Provision of applicability of Explanation (baa) to Section 80HHC(4A)was brought in as effective from 1.4.1992 and applicable to the assessment year under consideration - the nexus between the business activity of the assessee and the receipt of interest was established and that they formed part of the profits of the business. - the assessee would be entitled to treat it as deductible and to be included in the business income for the purpose of Explanation (baa) to Section 80HHC(4A). Apex Court in ACIT vs. Vs. Saurashtra Kutch Stock Exchange Ltd. (2008 (9) TMI 11 - SUPREME COURT) held that the Tribunal was justified in correcting its mistake in exercise of its jurisdiction u/s 254(2) as a patent, manifest and self-evident error which does not require elaborate discussion of evidence or arguments to establish it, can be said to be an error apparent on the face of the record and can be corrected while exercising certiorari jurisdiction.
|