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TMI Blog2014 (7) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT OF INDIA] - ninety percent of not the gross interest but only the net interest is liable to be included in the profits of the business of the assessee as computed under the heads "Profits and gains of business or profession" while making the computation under Section 80HHC – no substantial question of law arises for consideration – Decided against Revenue. Onetime payment made to forest d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Act against the order of the Tribunal dated 29/02/2012 in ITA No.160/PNJ/2011 and ITA No.161/PNJ/2011 pertaining to the assessment year 2004-05 and 2006-07. The appellant seeks to raise the following questions of law:- A. Whether on the facts and circumstances of the case the Tribunal is correct in holding that the assessing officer cannot make adjustment to the addition u/s 80HHC in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computed the head be reduced by 90% of gross hire charges and not on net hire charges. D. Whether the Tribunal is correct in law in holding that one time amount made to the forest Department towards Net Present Value (NPV) and afforestation compensation is not a capital expenditure but revenue expenditure? E. Without prejudice to the above, the Tribunal ought to have atleast held that the ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t but only the net interest is liable to be included in the profits of the business of the assessee as computed under the heads Profits and gains of business or profession while making the computation under Section 80HHC. 3. The issue raised in para 5(C) therefore is not a substantial question of law. 4. In view of the finding qua question (C) above, the questions (A) (B) do not survive. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is nothing to indicate that the payment was an advance payment in respect of payments spread over the duration of the mining lease. In fact, the payments which were liable to be made in this respect were irrespective of the period of the mining lease. Nothing to the contrary has been indicated. The issue raised in paragraph 5(E) does not raise to a substantial question of law. 8. The appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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