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TMI Blog2012 (12) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... iable to be allowed under s. 80IB. Deduction u/s 80HHC - As the interest income in the present circumstances as 'Business income’, it will merit inclusion at the first instance and thereafter 90% of the net interest is to be allowed as decided in the ACG Associated Capsules Pvt. Ltd. v. CIT [2012(2) TMI 101 - SUPREME COURT OF INDIA] As in terms of the judgment of the Supreme Court in Topman Exports v. Commissioner of Income Tax (2012 (2) TMI 100 - SUPREME COURT OF INDIA) AO directed to compute the deduction under Section 80HHC. - INCOME TAX APPEAL NO.6997 OF 2010 - - - Dated:- 31-3-2012 - DR. D.Y. CHANDRACHUD M.S. SANKLECHA, JJ. Mr. Vimal Gupta for the Appellant. Mr. Sanjiv M. Shah with Ms. Sanjivani P. More for the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue is that the Tribunal has not considered the judgment of the Supreme Court in Liberty India v. CIT (2009) 317 ITR 218 (SC). Counsel appearing on behalf of the Assessee agrees with this factual position. Having regard to this position, and on the request of Counsel appearing on behalf of the Revenue and Counsel appearing on behalf of the Assessee, we restore the issue before the Tribunal for a fresh decision after duly considering all the relevant aspects of the matter. We clarify that we have kept all the rights and contentions of the parties open except for currency exchange gain. As regards currency exchange gain, in the decision of this Court in Commissioner of Income Tax v. Rachna Udyog (2010) 230 CTR (Bom) 72., the Court held a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Ltd. v. Commissioner of Income Tax (2012) 67 DTR 205. In view of the statement made by the counsel, ordered accordingly. We also leave it open to the Assessing Officer to determine the issue as to whether the deduction falls within the purview of Explanation (baa) to Section 80HHC, in accordance with law, on the request of the learned counsel. Ordered accordingly. However, the remit to the Assessing Officer will not cover the issue of foreign exchange gain since that issue is covered by the decision on the first question in favour of the assessee. As regards question (c), counsel appearing on behalf of the assessee and counsel appearing on behalf of the Revenue submit that in terms of the judgment of the Supreme Court in Topman Exp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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