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2017 (5) TMI 1640 - HC - Income TaxPrinciple of netting off of interest against interest earned - Deduction claimed u/s 80HHC in respect of interest income forming part of ‘profits of the business' - Held that:- Even the case of Dhadda Exports (2016 (9) TMI 1251 - RAJASTHAN HIGH COURT) has been clarified in case of M/s Chordia Trading Corporation vs. Income Tax Officer [2016 (12) TMI 358 - RAJASTHAN HIGH COURT], even otherwise in view of the decision in case of ACG Associated Capsules Pvt Ltd. vs. Commissioner of Income Tax (2012 (2) TMI 101 - SUPREME COURT OF INDIA) and the decision of this court, the principle of netting off is required to be laid therefore, the issue is required to be answered in favour of the assessee against the department.
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