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2006 (1) TMI 63 - HC - Income TaxDeduction in respect of interest income under sections 80HHC and 80-I - It is fairly submitted by learned counsel for the Revenue that the issue raised in the question is covered against the Revenue by the decision of this court in CIT v. N.S.C. Shoes, wherein it is held that the interest income is also eligible for deduction provided it is included in the computation of profits and gains of the business. Applying the ratio laid down by this court in the decision cited supra, we hold that the interest income is also eligible for deduction provided it is included in the computation of profits and gains of the business - hold that the Tribunal was right in holding that the claim of the assessee could not be disallowed in a proceeding under section 154, especially when the interest income was included in the profit of the business. Hence, there is no error in the order of the Tribunal and no substantial question of law arises for consideration for this court
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