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2016 (5) TMI 207 - SCH - Income TaxDetermination of "profits of business" in terms of Explanation (baa) to Section 80HHC - 90% of the net commission or gross commission receipts to be deducted while such determination – Held that:- These cases are covered by the decision of this court in ACG Associated Capsules Private Ltd. (Formerly Associated Capsules Private Ltd. v. CIT [2012 (2) TMI 101 - SUPREME COURT OF INDIA] wherein held that 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. Decided in favour of the assessee.
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