2017 (1) TMI 1091 - SCH - Income Tax

Entitlement to reduce interest paid from the interest received while calculating deduction under section 80HHC(4A) - Held that - In view of the decision of this Court in ACG Associated Capsules (P) Ltd. v. Commissioner of Income Tax (Central-IV) Mumbai 2012 (2) TMI 101 - SUPREME COURT OF INDIA wherein held Ninety per cent of not the gross interest/rent but only the net interest/rent which has been included in the profits of the business of the assessee as computed under the heads PGBP is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business. This petition be dismissed on merits. Also we are extremely unhappy with the delay of 3381 days in refiling the special leave petition but make no other comment. The concerned authorities need to wake up. The special leave petition is dismissed both on the ground of delay as also on merits. HC ref case - 2007 (3) TMI 748 - DELHI HIGH COURT

Summary

The Supreme Court dismissed the special leave petition due to a delay of 3381 days in refiling, as well as on merits. The decision was in view of the ACG Associated Capsules case.