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TMI Blog2015 (9) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... ar, Adv ORDER P. C. The challenge in this appeal under Section 160A of the Income Tax Act, 1961 (the 'Act') is to the order dated 11 December 2006 passed by the Income Tax Appellate Tribunal (the 'ITAT'). The Assessment Year involved is A.Y. 1998-99. 2. By an order dated 12 October 2007, the appeal was admitted on the following substantial questions of law: (I) Whether in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sits', 'interest on debentures', and interest from sister concerns' and 'other interest' is forming the part of the head "Profits and gains of business or profession"? (IV) Whether the findings of the ITAT that the receipts on account of 'professional services' and 'proceeds from electronic data processing' are not income falling within the exclusionary pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t' income from the 'transfer of vessel' and 'barge freight', has to be excluded, for the purpose of computing profits of the business under clause (baa) of Explanation to section 80HHC, is right in law? (VIII) Whether the findings of the ITAT that, only 90 % of the 'net' income from the 'lease hire charges' received by the Assessee apart from depreciation has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gned order of the Tribunal for the subject assessment year. Accordingly, Questions Nos. III and VI do not arise for our consideration and are dismissed, as not pressed. 5. The only question which arises for our consideration according to Ms. Desai in support of the appeal is, Question No.IV. Both the CIT(A) as well as the ITAT by the impugned order, have taken a view that the receipt on account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contention that the receipts attributable to electronic data process and professional services would be in the nature of income. Therefore while answering Question No. IV in negative i.e. in favour of the appellant-revenue and against the respondent-assessee, the Assessing Officer while giving effect to this order, would examine whether or not, there is any income on net basis i.e. after reducing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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