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2013 (1) TMI 593 - HC - Income TaxRectification of order by Tribunal u/s 254(2) - Computation of deduction u/s 80HHC - Whether it is the net interest which has to be taken into account while computing deduction u/s 80HHC as per Explanation (baa) to Sec. 80HHC(4C) – Revision application filed by assessee contended to work out deduction u/s 80HHC, 90% of receipt by way of interest had to be excluded from profits of business taking net interest income and not the gross interest receipts – Held that:- The effect of the same would be that it is the net interest which has to be taken into consideration while computing deduction u/s 80HHC as per Clause (baa) of the explanation to Section 80HHC. The order passed by the Tribunal in the miscellaneous application being in conformity with the order in case of ACG Associated Capsules Private Limited (2012 (2) TMI 101 - SUPREME COURT OF INDIA). In favour of assessee
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