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2014 (4) TMI 279 - HC - Income TaxDeduction u/s 80HHD of the Act Held that:- The Tribunal relied upon Hotel and Allied Trades Pvt. Ltd. v. Deputy CIT (Assessment) [2007 (4) TMI 120 - HIGH COURT, KERALA] and the judgment is pending under consideration in civil appeal before the apex court - no interim order of any nature is granted thus, the order of the Tribunal is upheld Decided against Assessee. Levy of interest us 234C of the Act Held that:- The decision in Joint CIT v. Rolta India Ltd. [2011 (1) TMI 5 - SUPREME COURT OF INDIA] followed - Interest can be charged on the tax calculated on book profit under section 115JA(1). Income from other sources Disallowance of club expenses Held that:- The Tribunal was justified in saying that the interest from bank and other dividends need to be assessed only as income from other sources and not the business income of the appellant-assessee u/s 56 of the Act - The matter for disallowance of club expenses is rightly remitted back to the AO by the Tribunal thus, there is no reason to interfere in any of the grounds raised Decided against Assessee.
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