2016 (10) TMI 981 - SCH - Income Tax

Income chargeable to tax under Section 41(1) - whether excluded under clause (baa) of the Explanation to Section 80 HHC of the Act for the purposes of computing the deduction allowable to the assessee under that section? - Held that - We find no reason to entertain this Special Leave Petition which is accordingly dismissed. HC order confirmed 2016 (1) TMI 809 - HIMACHAL PRADESH HIGH COURT that while computing the interest under clause (baa) of the Explanation the Assessing Officer will take into account the net interest i.e. gross interest as reduced by expenditure incurred for earning such interest. - Decided in favour of assessee.

Summary

The Supreme Court of India dismissed the Special Leave Petition after condoning the delay. The judges were Mr. Kurian Joseph and Mr. Rohinton Fali Nariman. The petitioner was represented by Mr. Atmaram N. S. Nadkarni, ASG, Mr. A. K. Kaul, Ms. Nachiketa Joshi, Mr. Arijit Prasad, and Mrs. Anil Katiyar.