2024 (1) TMI 1238 - SCH - Income Tax

Disallowance of the deduction u/s 80HHC relating to the interest income - As decided by HC 2016 (11) TMI 727 - RAJASTHAN HIGH COURT assessees have thoroughly failed to establish beyond doubt that the interest earned on the deposit or advance was income from the export business. Hence, extending the benefit of deduction as per computation provided in Clause (baa) to Explanation to section 80HHC cannot be made available to the assessees. HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition as they were not inclined to interfere with the impugned judgment and order passed by the High Court. Any pending application(s) shall stand disposed of.