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2004 (7) TMI 13 - PUNJAB AND HARYANA HIGH COURTSection 80HHC - Explanation (baa) inserted by Finance (No. 2) Act, 1991 w.e.f. 1st April, 1992 - A plain reading of the aforementioned Explanation clearly shows that the Tribunal was right in holding that even though the rent and hire charges were assessable as business income, 90 per cent of the same had yet to be excluded for computing profits of the business for the purpose of s. 80HHC - we partly allow this appeal and modify the order of the Tribunal by holding that for the purposes of computing deduction under s. 80HHC, only 90 per cent of income from rent and hire charges be excluded from the profits of business as computed under the head "Profits and gains of business or profession"
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