TMI Blog2006 (7) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee, which is to be considered in terms of Explanation (baa) to section 80HHC of the Act and not the net interest for the purpose of arriving at the profits of the business. - - - - - Dated:- 27-7-2006 - Judge(s) : ADARSH KUMAR GOEL, RAJESH BINDAL. JUDGMENT The judgment of the court was delivered by RAJESH BINDAL J.-This is an appeal by the Revenue against the order dated April 23, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame does arise in the appeal and further that this court had already opined on the issue in Rani Paliwal v. CIT [2004] 268 ITR 220 against the assessee. We have heard learned counsel for the Revenue. The short issue is as to whether in terms of Explanation (baa) to subsection (4C) of section 80HHC of the Income-tax Act, 1961 (for short, "the Act"), 90 per cent. of the gross interest received i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est". A plain reading thereof shows that it is the amount of interest whieh is shown by the assessee in receipt side. It does not in any way provide for netting of interest by reducing the interest paid by the assessee from the interest received by it for the purpose of calculation under the above provision. Earlier also, this court, while rejecting an appeal filed by the assessee, against the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce on an order passed by the Tribunal, where the issue is covered by a judgment of this court, cannot be appreciated. The Tribunal in its order has not even referred to the judgment of this court. In view of our above discussions and the earlier view of this court in Rani Paliwal's case [2004] 268 ITR 220, the present appeal is accepted and it is held that it is the gross interest received by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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