Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 251 - HC - Income TaxAllowability of deduction on netting of interest income u/s 80HH and 80I - Whether the Tribunal is right in holding that netting of interest income should be allowed without considering the fact that interest income should be assessed as income from other sources while computing deduction u/s 80HH and 80I – Held that:- The matter has been already decided in ACG Associated Capsules P. Ltd. v. Commissioner of Income-tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] wherein, it has been held that ninety per cent of not the gross rent or gross interest but the net interest or net rent, which had been included in the profits of business of the assessee as computed under the head "Profits and gains of business or profession", was to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business – Decided against revenue.
|