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2012 (12) TMI 582 - HC - Income TaxDeduction u/s 80IA & 80HHC - Interest Income, Commission Income, Export incentives and Currency Exchange Gain - Held that:- Tribunal has not considered the judgment of the Supreme Court in Liberty India v. CIT [2009 (8) TMI 63 - SUPREME COURT] regarding the deduction u/s 80IA on Interest Income thus restore the issue back to the Tribunal for a fresh decision after duly considering all the relevant aspects of the matter. As decided in CIT v. Rachna Udyog [2010 (1) TMI 38 - BOMBAY HIGH COURT ] & CIT Tax 8 Versus M/s Syntel Limited [2009 (12) TMI 689 - BOMBAY HIGH COURT] the difference on account of exchange rate fluctuation is liable to be allowed under s. 80IB. Deduction u/s 80HHC - As the interest income in the present circumstances as 'Business income’, it will merit inclusion at the first instance and thereafter 90% of the net interest is to be allowed as decided in the ACG Associated Capsules Pvt. Ltd. v. CIT [2012(2) TMI 101 - SUPREME COURT OF INDIA] As in terms of the judgment of the Supreme Court in Topman Exports v. Commissioner of Income Tax (2012 (2) TMI 100 - SUPREME COURT OF INDIA) AO directed to compute the deduction under Section 80HHC.
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