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2016 (5) TMI 318 - AT - Income TaxRelief u/s.80HHC - denial of claim on rental income received by the assessee from housing provided to its employees as well as the income from leasing activity - Held that:- The judgement of Supreme Court in the case of M/s.ACG Capsules Ltd.(2012 (2) TMI 101 - SUPREME COURT OF INDIA ) is directly covered on the issue in dispute before us. Accordingly, we direct the AO to exclude net income of rental income and lease income if it is assessed as business income while applying the clause (i) of Explanation (baa) to Sec.80HHC of the Act. If it is not assessed as business income, then there is no question of considering the same for deduction u/s.80HHC of the Act. Assessing Officer is within the jurisdiction in considering the issue relating to the lease income while computing the deduction u/s.80HHC of the Act. - Decided partly in favour of assessee
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