2017 (7) TMI 1179 - HC - Income Tax

Exemption u/s 10A manner of computation treatment of interest income for the purpose of section 80HHC exclusion of interest and not gross interest for the purpose of section 80HHC Impact of disallowance of expenses in computation of deductions / exemptions Held that - Issue raised in the present appeal had also arisen in the appeal filed by the department against the present assessee for the earlier assessment year and the same is decided against the Revenue. This court had dismissed the said appeal relying on the judgment of this court in case of Commissioner of Income Tax vs. Gem Plus Jewellery India Ltd. 2010 (6) TMI 65 - BOMBAY HIGH COURT

Summary

The Bombay High Court dismissed the appeal for assessment year 2005-06 as the issue had already been decided against the Revenue in a previous case. The decision was based on the judgment in Commissioner of Income Tax vs. Gem Plus Jewellery India Ltd. reported in 2010.