TMI Blog2013 (12) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing the impugned judgment and order, the ITAT has held that for the purpose of claiming deduction under Section 80HHC of the Income Tax Act, the gross interest is to be excluded. The aforesaid cannot be sustained in view of the decision of the Hon’ble Supreme Court in the case of ACG Associated Capsules PVT. LTD (2012 (2) TMI 101 - SUPREME COURT OF INDIA) - Decided in favor of assessee. - Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come of Rs.2,77,73,000/- as against net interest? 2. The assessee filed the return of income for the Assessment Year 2003-04 declaring the total income at Rs.53,80,40,217/-. The same was processed under Section 143(1) of the Income Tax Act. The assessee claimed the deduction under Section 80HHC in respect of the interest income. While passing the assessment order, the Assessing Officer disallow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act. 4. Being aggrieved and dissatisfied with the impugned judgment and order passed by the ITAT, the assessee has preferred the present Tax Appeal for consideration of the aforesaid substantial question of law. 5. Shri S.N. Soparkar, learned Counsel appearing on behalf of the appellant has submitted that as such the issue involved in the present Tax Appeal is now not res int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... show and/or point out any contrary decision. 7. Having heard Shri S.N. Soparkar, learned Counsel appearing on behalf of the assessee and Ms. Paurami Sheth, learned Counsel appearing on behalf of the revenue and the question posed for consideration by us reproduced hereinabove and considering the decision of the Delhi High Court in the case of Commissioner of Income-Tax Vs. Shri Ram Honda Power E ..... X X X X Extracts X X X X X X X X Extracts X X X X
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