2012 (5) TMI 487

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..... ek Sethi, Advocate for the respondent.   Ajay Kumar Mittal, J.   1. This order shall dispose of ITA Nos.120 and 133 of 2011 as learned counsel for the parties are agreed that identical facts and questions of law are involved in both the appeals. However, facts are being taken from ITA No.120 of 2011.   2. The assessee in ITA No.120 of 2011 filed its return on 29.11.2002 declaring .....

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..... questions of law had been claimed, which was allowed on 21.11.2011:- i) Whether on the true and correct interpretation of Section 234B the levy of interest is mandatory where there is a conflict of decision and the admitted liability stands paid? ii)Whether on the true and correct interpretation of Section 57(iii) of the claim of expenditure for earning the interest is to be allowed? iii)Wheth .....

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..... arguments have been addressed by learned counsel for the assessee on Question No. (iv) only. He submitted that netting of interest for purposes of calculation for computing deduction under section 80HHC of the Act was required to be done and relying upon judgment of the Apex court in ACG Associated Capsules Private Limited v. Commissioner of Income Tax, Central-IV, Mumbai, (2012) 3 SCC 321 and jud .....

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