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TMI Blog2015 (4) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the case of ACG Associated Capsules (P.) Ltd.[2012 (2) TMI 101 - SUPREME COURT OF INDIA]. It is held by the Hon'ble Supreme Court in this decision that 90% of not the gross interest but only the net interest, which has been included in the profits of the business of the assessee as computed under the heads "Profits and gains of business or profession" is to be deducted under clause (1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CATE FOR THE RESPONDENT JUDGMENT M.R. Shah, J. - 1. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Appellate Tribunal (hereinafter referred to as the ITAT) dated 24.10.2008 passed in ITA No.2053/Ahd/2004 for the AY 1997-98, the assessee has preferred the present Tax Appeal. 2. While admitting the present Tax Appeal following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Income Tax Appellate Tribunal was right in law in not allowing the Netting Off of interest income against interest expenditure? 3. Heard Shri S.N. Soparkar, learned Senior Advocate for the assessee and Shri MR Bhatt, learned Senior advocate for the revenue. 4. At the outset, it is required to be noted that so far as question Nos. 2 and 3 are concerned, they are squarely covered by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid questions are held in favour of the assessee and order passed by the ITAT in ITA No.2053/Ahd/2004 for AY 1997-98 is hereby quashed and set aside. Now, the AO to recompute the deduction under Section 80HHC of the Income-tax Act considering the law laid down by the Hon'ble Supreme Court in the case of ACG Associated Capsules (P.) Ltd (supra) which is reproduced hereinabove. 6. In the de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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