Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 563 - HC - Income TaxTreatment to interest income - business income for computing deduction u/s. 80HHC or income from other sources? - Held that:- Considering the decision of this Court in the case of Commissioner of Income-Tax v. Gaskets and Radiators Distributors (2006 (9) TMI 97 - GUJARAT HIGH COURT ), wherein this Court has taken a view that the interest income from other sources other than FDR may not be included u/s. 80HHC of the Act. In that view of the matter, the contention of the appellant herein is required to be accepted. The amount of ₹ 59,42,786/= is required to be deducted and the calculation made by the assessee for deduction u/s. 80HHC of the Act will be available to the tune of ₹ 96,29,135/-. Therefore, the Appeal is allowed to the aforesaid extent.
|