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2019 (4) TMI 292 - HC - Income TaxReassessment u/s 147 - No challenge of reassessment in first round - deduction u/s 80 HHC on the interest earned on the bank deposits - HELD THAT:- Assessee having not raised the said question in clear terms before the authorities below cannot be permitted to raise the said question now as an after-thought. The said contention of the Assessee is liable to be rejected and the same is accordingly rejected. Thus, the question framed for consideration on 27.10.2009 is answered as against the Assessee and in favour of the Revenue. Merits of claim u/s. 80HHC since interest on Bank Deposits earned in the ordinary course of business, is taxable as Business income and is excluded from Section 56 of the Act, in "Income from Other Sources" we are of the opinion that the Tribunal should consider the issue again in view of the later decisions of this Court viz., M/s.Ashok Leyland Ltd Vs. The Deputy Commissioner of Income Tax [2018 (4) TMI 715 - MADRAS HIGH COURT]. Therefore, we remit the matter back to the learned Tribunal to decide the said issue afresh on merits in view of the latest decisions of this Court .
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