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2012 (11) TMI 188 - SC - Income TaxWhether Provisions for Computation of deduction u/s 80HHC are also applicable u/s 80HHF -90% exclusion of net interest/rent or gross interest/rent Following the decision of Court in case of [M/s ACG Associated Capsules Pvt. Ltd. (Formerly M/s Associated Capsules Pvt. Ltd.) & Others Versus The Commissioner of Income Tax, Central-IV, Mumbai & Others2012 (2) TMI 101 - SUPREME COURT OF INDIA] - Held that:- Ninety per cent 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 referred to High Court to work out the deductions within a period of three months from today.
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