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2016 (10) TMI 981 - SCH - Income TaxIncome chargeable to tax under Section 41(1) - whether excluded under clause (baa) of the Explanation to Section 80 HHC of the Act, for the purposes of computing the deduction allowable to the assessee under that section? - Held that:- We find no reason to entertain this Special Leave Petition, which is, accordingly, dismissed. HC order confirmed [2016 (1) TMI 809 - HIMACHAL PRADESH HIGH COURT] that while computing the interest under clause (baa) of the Explanation, the Assessing Officer will take into account the net interest i.e. gross interest as reduced by expenditure incurred for earning such interest. - Decided in favour of assessee.
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