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2015 (1) TMI 660 - HC - Income TaxDeduction u/s 80IB - Net interest exclusion while working out deduction instead of gross income as held by ITAT - Held that:- As decided in case of ACG Associated Capsules Pvt. Ltd. v. Commissioner of Income Tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] ninety per cent of not the gross rent or gross interest but only the net interest or net rent, which had been included in the profit of business of the assessee as computed under the head "Profits and gains of business of profession", was to be deducted under clause (1) of Explanation (baa) to section 80HHC for determining the profit of the business. - Decided in favour of the assesseee.
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