2011 (11) TMI 179

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..... r Bhupesh Kumar Pathak BADAR DURREZ AHMED, J (ORAL)   1. This is an appeal under Section 260A of the Income Tax Act, 1961 (herein referred to as the said Act) filed on behalf of the Revenue in respect of the assessment year 1992-1993. The present appeal arises out of the Income Tax Appellate Tribunal's order/judgment dated 30.11.2004 delivered/passed in ITA No. 2812/Del/1996 and ITA No. 28 .....

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..... e said Act as under:- "Ground No.3.2 in assessee's appeal relates to the working of profits of business under clause (baa) of the Explanation below Section 80HHC(4A). The stand of the assessee is that exclusion of 90% of interest income should be against net interest i.e. after adjusting the interest paid while the stand of the revenue is that exclusion of 90% should be gross interest. This issue .....

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..... 80HHC(4) of the Income Tax Act?" 4. We are no longer required to deliberate in detail on the above question inasmuch as the same has been answered by this Court in CIT v. Shriram Honda Power Equip: (2007) 289 ITR 475 (Del). In view of the said decision, we would have to hold that the Tribunal was right in law holding that the assessee is entitled to reduce interest paid on interest received under .....

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