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2017 (7) TMI 1013 - ALLAHABAD HIGH COURTDeduction permissible under Section 80HHC(1) in respect of computing the total income in relation to the export business - interest income earned - Held that:- There is hardly any relevancy regarding the nature of the interest income earned by the assessee-appellant. Notwithstanding its nature, as the specified percentage of the said interest is deductible from the "profits of business" computed under the head "profits and gains of business and profession" as provided under the explanation (baa) to sub-section (4C) of Section 80HHC of the Act, the interest income as specified is deductible. Accordingly, the substantial question raised in this appeal is answered holding that the interest income earned by the assessee of the description specified is deductible from the income of the assessee under the head "profits and gains of business and profession" and this would be in addition to the deduction permissible under Section 80HHC(1) in respect of computing the total income in relation to the export business.
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