TMI Blog2019 (5) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... 101 - SUPREME COURT] , the Question of Netting of Interest , now admitted by us, deserves to be answered in favour of the Assessee and against the Revenue as ninety per cent of not the gross interest but only the net interest, which has been included in the profits of the business of the assessee as computed under the heads `Profits and Gains of Business or Profession' is to be deducted unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee for Assessment Year 2001-2002. 2. The Questions of Law, suggested by the Assessee in this Appeal, are as follows : ''1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in upholding the jurisdiction of the Assessing Officer to reopen the assessment u/s.147 of Income Tax Act,1961 ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of Income Tax v. V.Chinnapandi , (2006) 282 ITR 386 (Mad). 4. Learned counsel for the Assessee, however, submitted, that, later on, the Hon'ble Supreme Court has set at rest the said controversy in the case of ACG Associated Capsules Pvt. Ltd. v. Commissioner of Income Tax , decided on 08.02.2012, (2012) 343 ITR 89, in which, the Hon'ble Supreme Court has held as un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee submitted that the question regarding Netting of Interest for the purpose of Explanation (baa) to Section 80HHC of the Act, on which this Appeal was not admitted, deserves to be answered in favour of the Assessee now, with a formal admission of the Appeal on that Question also. 6. Learned Senior Standing Counsel for the Revenue does not fairly dispute the subsequent decis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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