Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2016 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 374 - SC - Income TaxNetting in interest for computing deduction under Section 80HHC - whether ITAT was correct in law in directing the Assessing Officer to allow netting in interest for computing deduction under Section 80HHC - Held that:- As in the present appeal by the Assessee we are only concerned with the correctness of the opinion of the High Court on the question framed by it, we answer the same in favour of the Assessee following the decision of this Court in ACG Associated Capsules (P) Ltd. (2012 (2) TMI 101 - SUPREME COURT OF INDIA ) wherein held Ninety per cent of not the gross interest/rent but only the net interest/rent, which has been included in the profits of the business of the assessee as computed under the heads ‘PGBP’ is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business.
|