TMI Blog2003 (3) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 80HHC clearly postulates that deduction shall be admissible only when the assessee furnishes the particulars in the prescribed form along with the return of income and the report of the accountant. This was admittedly not done in the present case. - we find no infirmity in the view taken by the Tribunal. - we find no merit in this appeal - - - - - Dated:- 19-3-2003 - Judge(s) : JAWAHAR L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g authority rejected it. On appeal, the order of the assessing authority was reversed. However, the Revenue's claim was accepted by the Tribunal. Hence, this appeal. Mr. Kochunni Nair contends that the appellant had taken loan from the bank. 20 per cent. of the sale proceeds had to be deposited by way of security for the loans. Thus, the interest earned on the fixed deposits was income from busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound to file the certificates in Forms Nos. 10CCAC and 10CCAB. Thus, the appeal was allowed. The Tribunal has, however, reversed the decision in view of the two judgments of this court in Abad Enterprises v. CIT [2002] 253 ITR 319 and CIT v. Jose Thomas [2002] 253 ITR 553. The income has been assessed under "other sources". Nothing has been placed on record to show as to how much loan had been tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sits is not an income from exports. Thus, it was rightly taken into account as income from other sources. There is another aspect of the matter. Sub-section (4) of section 80HHC clearly postulates that deduction shall be admissible only when the assessee furnishes the particulars in the prescribed form along with the return of income and the report of the accountant. This was admittedly not done ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owever, such is not the position in the present case. Mr. Nair has also referred to the decision of their Lordships of the Supreme Court in CIT v. Gujarat Mineral Development Corporation [2001] 249 ITR 787. The issue in this case related to the deduction on account of the deposit made with the Government for laying of electric cables. The full facts of the case have not been placed before us. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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