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2006 (1) TMI 65 - HC - Income Tax
Special Deduction - "Whether Tribunal is right in holding that the assessee is eligible for full deduction under section 80HHC without restricting to the amount received by way of interest were incidental to the export business as fixed deposits is valid in law?" – held that 90 per cent, of the interest that is deductible for the claim under section 80HHC of the Act is from the gross interest received by the assessee and that the amount of interest paid by the assessee should not be deducted therefrom and, hence, we answer the above question in favour of the Revenue and against the assessee and allow the tax case filed by the Revenue