2015 (9) TMI 218 - HC - Income Tax

Deduction u/s. 80IA - interest income earned in late collection of sales proceeds - Held that - Tribunal directed the Assessing Officer to verify the detail and this being only the case of remand does not deserve any interference. However, it has been clarified that the Assessing Officer on the basis of prevalent rules shall examine the remanded issue. Exclusion sales tax and excise duty from the total turnover for the computation of deduction u/s. 80HHC even after insertion of section 145A - Held that - Tribunal is right in law and on facts in directing to exclude sales tax and excise duty from the total turnover for the computation of deduction u/s. 80HHC even after insertion of section 145A of the Act See 2014 (3) TMI 934 - See Commissioner of Income Tax Versus Pogagen Amp Nagarsheth Powertronics Ltd. 2014 (3) TMI 934 - GUJARAT HIGH COURT - Decided in favour of assessee.

Summary

The Gujarat High Court heard a Tax Appeal regarding deduction u/s. 80IA for interest income and exclusion of sales tax and excise duty for deduction u/s. 80HHC. The Tribunal's decision was upheld for Question {B} and the Court referred to a previous case for Question {C}, ruling in favor of the assessee.