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2013 (12) TMI 839 - HC - Income TaxReducing eligible business profit, while granting deduction under Section 80HHC, by gross interest income as against net interest - Held that:- for the purpose of deduction under Section 80HHC of the Income Tax Act net interest is to be excluded. In the present case, while passing the impugned judgment and order, the ITAT has held that for the purpose of claiming deduction under Section 80HHC of the Income Tax Act, the gross interest is to be excluded. The aforesaid cannot be sustained in view of the decision of the Hon’ble Supreme Court in the case of ACG Associated Capsules PVT. LTD (2012 (2) TMI 101 - SUPREME COURT OF INDIA) - Decided in favor of assessee.
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