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2017 (9) TMI 1759 - HC - Income TaxInterest receipt not constitute “business income” for the purpose of computation of deduction u/s 80IB of the Act - Whether the corresponding interest expenditure incurred wholly and exclusively for generating such interest income should have been allowed u/s 57(iii) - interest income is not being considered as “income from business” and rather ‘income from other sources’ - Held that:- Issues covered by the decision of this Court in MOHAN FASHIONS VERSUS ACIT [2017 (5) TMI 1640 - RAJASTHAN HIGH COURT], M/S DHADDHA EXPORTS VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-I, JAIPUR [2017 (7) TMI 1249 - RAJASTHAN HIGH COURT] and M/S. CHORDIA TRADING CORPORATION CHORDIA BHAWAN VERSUS THE INCOME TAX OFFICER, WARD-1 (2) , JAIPUR [2016 (12) TMI 358 - RAJASTHAN HIGH COURT] Whether section 80HHC and 80IB are independent of each other and therefore deductions under both the sections on the gross total income is to be computed independently and not on the reduced balance after taking into account the other deduction.? - Held that:- Issue covered by the decision of Supreme Court in case of Joint Commissioner of Income Tax vs. Mandideep Eng. & PKG. IND. (P) Ltd. [2006 (4) TMI 75 - SUPREME COURT] which is referred to larger Bench of this Court in Tax Appeal 437/2011 (Hi Choice Exports P. Ltd. vs. Income Tax Officer Ward 2) decided [2017 (5) TMI 1641 - RAJASTHAN HIGH COURT]
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