Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (8) TMI 563 - GUJARAT HIGH COURT

2016 (8) TMI 563 - GUJARAT HIGH COURT - TMI - Treatment to interest income - business income for computing deduction u/s. 80HHC or income from other sources? - Held that:- Considering the decision of this Court in the case of Commissioner of Income-Tax v. Gaskets and Radiators Distributors (2006 (9) TMI 97 - GUJARAT HIGH COURT ), wherein this Court has taken a view that the interest income from other sources other than FDR may not be included u/s. 80HHC of the Act. In that view of the matter, th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

EL with MR HS MUNSHAW, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1) By way of this Appeal, the Appellant - Department has challenged the order dated 30.04.2007 of the Income Tax Appellate Tribunal, Ahmedabad Bench 'D' in ITA No.1840/Ahd./2004 for the Assessment Year : 2001-2002 whereby the Tribunal gave findings in favour of the assessee and against the Department. 2) While admitting the matter on 16.06.2008, the following substantial questions of law were framed by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ppellant Mr. K.M. Parikh has submitted that the issue No.i of this Appeal is squarely covered by the decision of this Court in the case of Commissioner of Income-Tax v. Gaskets and Radiators Distributors reported in [2008] 296 ITR 440 (Guj), wherein the issue was decided in favour of the Department and where it was held that income of interest on deposits, export incentives, octroi refund and sales in India are not part of the total profits to work out the total turnover and qualifying profit of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

favour of the assessee, contrary to the law which was declared by this Court. The same is reproduced as under :- 3. The Ld. DR has supported the order of the CIT (Appeals), whereas the Ld. Counsel for the assessee has submitted that so far as issue involved in ground No.1 is concerned, the same is covered in favour of Assessee and against the Revenue by the latest decision of Hon'ble High Court of Delhi in the case of CIT v/s. Shri Ram Honda (289 ITR 475) [Delhi]. 4. The CIT(Appeals) has de .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

income as per explanation to section 80HHC (baa) is found to be convincing as the AO has reduced entire interest income for the purpose of calculating deduction u/s. 80HHC. Therefore, the AO is directed to rework out the deduction u/s. 80HHC accordingly. 5. After rival submissions, facts and circumstances of the case and the decision of Hon'ble Delhi High Court in the case of Shri Ram Honda (supra), we direct the Assessing Officer to exclude 90% of the net interest remaining balance after d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version