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TMI Blog2012 (5) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Matter remanded back to A.O. to work out the deductions – Decided in favor of assessee. - ITA No. 120 of 2011 - - - Dated:- 2-5-2012 - MR. JUST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vied interest under Section 234B of the Income Tax Act, 1961 (in short, the Act ). The assessee filed an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)] which was partly allowed vide order dated 27.3.2009, Annexure A.2. Still feeling dissatisfied, the assessee filed an appeal before the Tribunal which was dismissed vide order dated 30.10.2009, Annexure A.4. Hence the present appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces of the case, the Tribunal was correct in law in denying the benefit for 'netting of' for interest to the assessee while computing deduction under Section 80HHC of the Act? 4. In the above order, it was also recorded that learned counsel for the assessee had conceded that questions No.(i) to (iii) stood concluded against the assessee and in favour of the revenue in view of judgment of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said judgment of the Apex Court. 5. Learned counsel for the revenue did not dispute the aforesaid submission. 6. In view of the above, the Question No.(iv) stands answered in terms of judgment of the Apex Court in ACG Associated Capsules Private Limited's case (supra) and the matter is remanded to the Assessing Officer for passing fresh order in terms of the said judgment with regard to the cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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