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2014 (6) TMI 152 - HC - Income TaxComputation of deduction u/s 80HHC of the Act - Exclusion of scrap sale from turnover – Interest on late payment from customers – Held that:- In so far as the exclusion of 90% of the net interest and net commission as against gross amounts under these heads from the profit of the business for the purpose of computing deduction u/s section 80HHC of the and the deletion of the disallowance u/s.43B to be paid beyond the limit as provided u/s.36(1)(va) of the Act, is concerned, the decision in ACG Associated Capsules Pvt.Ltd. Vs. Commissioner of Income Tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] - 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 - the issue raised stands answered in favour of the assessee and against the Revenue – thus, no substantial question of law arises for consideration – Decided against Revenue.
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