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2017 (7) TMI 733 - HC - Income TaxCalculating deduction under Section 80-HHC(4A)- whether the Assessee is entitled to reduce interest paid by it from the interest received by it, while calculating deduction under Section 80-HHC(4A) read with Explanation (baa)- Held that:- Subsequently, this Court has in its decision in Commissioner of Income Tax v. Shri Ram Honda Power Equip (2007 (1) TMI 86 - HIGH COURT, DELHI) inter alia held that the word "interest" in clause (baa) of Explanation to Section 80 HHC connotes "net interest" and not "gross interest". "Therefore in deducting such interest the Assessing Officer will take into account the net interest i.e. the gross interest as reduced by the expenditure incurred for earning such interest." - Decided in favour of the Assessee
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