2007 (1) TMI 543

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..... ing substantial questions of law were framed by the Court in the present appeal for consideration : 1. Whether ITAT was legally correct in holding that assessee is entitled to reduce interest paid by it from the interest received, by it while calculating deduction under section 80HHC read with Explanation (baa) of the Income-tax Act? 2. Whether ITAT was legally correct i .....

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..... ut in para 3 of the impugned order dated 17-3-2006 of the ITAT) related to calculation of deduction under section 80HHC. Clearly no challenge was made to the finding of the Assessing Officer that the interest income was business income. This also was not the question on which this appeal was admitted by this Court. Therefore the only question that arises in the present case whether netting shoul .....

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