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2019 (5) TMI 860 - HC - Income TaxDeduction u/s 80HHC - Netting of Interest for the purpose of applying Explanation (baa) to Section 80HHC - HELD THAT:- In view of the decision of the Hon'ble Supreme Court in the case of ACG Associated Capsules Pvt. Ltd. [2012 (2) TMI 101 - SUPREME COURT] , the Question of Netting of Interest, now admitted by us, deserves to be answered in favour of the Assessee and against the Revenue as ninety per cent of not the gross interest but only the net interest, which has been included in the profits of the business of the assessee as computed under the heads `Profits and Gains of Business or Profession' is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business.
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