9911796707
TMI Blog2015 (1) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... 80I – Held that:- The matter has been already decided in ACG Associated Capsules P. Ltd. v. Commissioner of Income-tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] wherein, it has been held that ninety per cent of not the gross rent or gross interest but the net interest or net rent, which had been included in the profits of business of the assessee as computed under the head "Profits and gains of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts are that the assessee is a Company engaged in the business of manufacture of Detergent Powders, Detergent Cakes, Beauty Soaps, etc. in the brand name Nirma . The assessee-Company pays Royalty for trade-mark Nirma to Nirma Chemical Works, a proprietory concern of S.K. Family Trust. 3. The assessee filed the return of income on 31.12.1992 declaring total income at ₹ 76,82,520/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in law in holding that netting of interest income should be allowed without considering the fact that interest income should be assessed as income from other sources while computing deduction under Section 80HH and 80I of of the Income Tax Act, 1961? 5. We have heard learned counsel for both the sides. In Paras - 16 17 of the judgment, the Tribunal has observed as under; 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion after providing reasonable opportunity of hearing to the assessee. 17. The fifth ground pertains to allowance of claim u/s.80-I without reducing claim u/s.80HH. The ld. AR pointed out that this controversy is covered in favour of the assessee by the various decisions as stated above in the chart. This controversy is also covered by the decision of ITAT in assessee's own ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned counsel that the aforesaid decision will apply in the facts of this case, as the facts are identical and therefore, we are not giving elaborate reasons. 8. Accordingly, the question whether the Tribunal is right in law in holding that netting of interest income should be allowed without considering the fact that interest income should be assessed as income from other sources while computing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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