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2015 (9) TMI 665 - BOMBAY HIGH COURT

2015 (9) TMI 665 - BOMBAY HIGH COURT - TMI - Issue of interest income restored to the file of the A.O. by ITAT to exclude 90 % of 'net' interest income - whether the receipt on account of electronic data processing and professional services is not income but in the nature of reimbursement of expenses. Therefore, no occasion to invoke clause (bba) of Explanation to 80HHC would arise? - Held that:- We accept the revenue's contention that the receipts attributable to electronic data process and pro .....

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. - Decided against assessee. - Income Tax Appeal No. 987 of 2015 (Original Tax Appeal No. 59 of 2007 Goa Bench) - Dated:- 8-9-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Appellant : Ms Asha Desai, Adv For the Respondent : Mr Mihir Naniwadekar, Adv ORDER P. C. The challenge in this appeal under Section 160A of the Income Tax Act, 1961 (the 'Act') is to the order dated 11 December 2006 passed by the Income Tax Appellate Tribunal (the 'ITAT'). The Assessment Year invol .....

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s forming part of the profits of the business and not income from other sources? (II) Whether the findings of the ITAT while restoring the issue of interest income to the file of the A.O. to exclude 90 % of 'net' interest income is valid in law? (III) Whether in the facts and in the circumstances of the case, the ITAT is right in law in taking into account the 'interest on bank deposits', 'interest on intercorporate deposits', 'interest on debentures', and interes .....

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receipts on account of 'stevedoring agency business' and 'travel agency business' are falling within the exclusive provision of clause (baa) of explanation to section 80HHC, is right in law? (VI) Whether in facts and circumstances of the case, the ITAT has erred in applying the provision of Section 172 in holding that section 40(a)(i), is not applicable, particularly when section 172 concerned with levy and recovery of tax in a case of any ship, as against section 195 r/w 40(a) .....

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Assessee apart from depreciation has to be excluded for the purpose of computing profits of the business under clause (baa) of Explanation to Section 80HHC, is right in law? 3. Ms. Desai, learned Counsel appearing for revenue very fairly states that so far as Question Nos. I, II, V, VII and VIII are concerned, the issue raised therein, are covered by the decision of the Apex Court in ACG Associated Capsules Pvt. Ltd. Vs. CIT 343 ITR 89 against the revenue. In the above view, Question No. I is a .....

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