2015 (1) TMI 660

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..... interest but only the net interest or net rent, which had been included in the profit of business of the assessee as computed under the head "Profits and gains of business of profession", was to be deducted under clause (1) of Explanation (baa) to section 80HHC for determining the profit of the business. - Decided in favour of the assesseee. - TAX APPEAL NO. 1792 of 2005 - - - Dated:- 17-10-2014 .....

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..... order dated 23.9.1998, partly allowed the appeal of the assessee. 4) Being aggrieved by the same, the revenue filed an appeal before the Income Tax Appellate Tribunal. The Tribunal, after hearing the parties, partly allowed the said appeal. Hence, this appeal at the instance of the revenue. 5) While admitting the appeal, by an order dated 26.7.2006, the following substantial question of law .....

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..... or gross interest but only the net interest or net rent, which had been included in the profit of business of the assessee as computed under the head Profits and gains of business of profession , was to be deducted under clause (1) of Explanation (baa) to section 80HHC for determining the profit of the business. Thus the issue is answered against the appellant and in favour of the assesseee. .....

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