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M/s Liberty Footwear Co. Versus Commr. Of Income Tax, Karnal

2016 (3) TMI 374 - SUPREME COURT

Netting in interest for computing deduction under Section 80HHC - whether ITAT was correct in law in directing the Assessing Officer to allow netting in interest for computing deduction under Section 80HHC - Held that:- As in the present appeal by th .....

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01 - SUPREME COURT OF INDIA ) wherein held Ninety per cent of not the gross interest/rent but only the net interest/rent, which has been included in the profits of the business of the assessee as computed under the heads PGBP is to be deducted unde .....

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, Adv., Mr. Somil Agarwal, Adv., Mr. Rameshwar Prasad Goyal, Adv., Mr. Rohit Kumar Gupta, Adv. And Ms. Monika Ghai, Adv. For the Respondent Mr. Arijit Prasad, Adv., Ms. Gargi Khanna, Adv. And Mr. B. V. Balaram Das, Adv. ORDER 1. The question as frame .....

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sing Officer to allow netting in interest for computing deduction under Section 80HHC of the Income-Tax Act? 2. The aforesaid question has been answered by this Court in ACG Associated Capsules (P) Ltd. Vs. Commissioner of Income Tax [(2012) 67 DTR ( .....

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