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2017 (7) TMI 1249 - HC - Income TaxDeduction u/s 80 HHC - Netting of interest paid against interest earned - Interest received is not income from business and it is income from other sources thus not form part of business activity and ineligible for deduction u/s 80HHC - Held that:- As relying on DHADDA EXPORTS VERSUS INCOME TAX OFFICER JAIPUR [2016 (9) TMI 1251 - RAJASTHAN HIGH COURT] the interest income earned will be treated as income from other sources but the expenses will be exempted after netting off - Decided in favour of assessee. Interest u/s 234-B and interest u/s 234-C - Held that:-If there is assessment of tax liability, the interest is not statutory liability. In that view of the matter, the contention of Mr. Ranka is required to be rejected. - Decided in favour of the department
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