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2018 (10) TMI 367 - HC - Income TaxRevision u/s 263 - allowing benefit of netting of interest to the assessee - AO's order treated as erroneous and prejudicial to the revenue - Held that:- The Court need not probe into the fact as to whether the Assessing Officer has faulted or not, since the decision taken by the Assessing Officer has now been upheld by the Hon'ble Supreme Court in ACG Associated Capsules (P) Ltd. vs. Commissioner of Income Tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] as held the processing charges received by the assessee were part of the business turnover and accordingly the income arising therefrom should have been included in the profits and gains of business of the assessee and ninety per cent of this income also would have to be deducted under Expln. (baa) to s. 80HHHC of the Act. In this case, this Court was not deciding the issue whether ninety per cent deduction is to be made from the gross or net income of any of the receipts mentioned in cl. (1) of the Expln. (baa). - Decided in favour of the assessee
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