TMI Blog2006 (1) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... rest income is also eligible for deduction provided it is included in the computation of profits and gains of the business. Applying the ratio laid down by this court in the decision cited supra, we hold that the interest income is also eligible for deduction provided it is included in the computation of profits and gains of the business - hold that the Tribunal was right in holding that the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the Income-tax Appellate Tribunal was right in holding that the assessee is entitled to deduction in respect of interest income under sections 80HHC and 80-I of the Income-tax Act?" The assessment year is 1993-94. The assessee-firm is a manufacturer and seller of HP Monoblock pumps. Their claim with regard to deduction under sections 80HHC and 80-I of the Income-tax Act was disallo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of profits and gains of the business. Applying the ratio laid down by this court in the decision cited supra, we hold that the Tribunal was right in holding that the claim of the assessee could not be disallowed in a proceeding under section 154, especially when the interest income was included in the profit of the business. Hence, there is no error in the order of the Tribunal and no substanti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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