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2020 (2) TMI 164 - HC - Income TaxComputation of deduction u/s.80HHC - Whether Tribunal correctly held that 90% of gain on derivative products and gain on interest rate swap on derivative instruments should be excluded from the profits of the business for the purpose of computation of deduction - as submitted that the Assessee did not earn any income on the gain on derivative products and gain on interest swap on derivative instruments, as discussed by the learned Tribunal - HELD THAT:- Contention sought to be raised by the Assessee before this Court now does not appear to have been raised before the learned Tribunal in the manner it has been raised before this Court and the facts and details of the reduction of interest liability on account of change of contract with the lending financial institutions from "Foreign currency Fixed Interest Loan" to "Foreign currency Floating Interest rate" has not been discussed by the learned Tribunal in the impugned order. Tribunal, being the final fact finding body, has to be recorded its independent findings facts and then only apply the law applicable to such facts. We do not find any such discussion on this aspect of the matter by the learned Tribunal. We are inclined to remand the matter back to the learned Tribunal without answering the aforesaid question of law, as quoted above.
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