9911796707
TMI Blog2007 (5) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... Chandigarh Bench "A" Chandigarh (for short "the Tribunal"), in ITANo.798/Chandi/2001 for the assessment year 1998-99 raising the followingsubstantial questions of law : (i) Whether on the facts and the circumstances of the case, the Hon'ble ITAT was right in law in holding that Sales Tax, and Central Sales Tax be excluded from the total turnover of the assessee while computing deduction u/s 80HHC? (ii)Whether on the facts and circumstances of the case, the Hon'ble ITAT was right in law in directing not to reduce 10% of the interest income from the profit of business for the purpose of computation of deduction under section 80 HHC of the I.T.Act ? 2. While issuing notice, the question no.1 was not considered to be a question of law a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evised return. It was claimed that the assessee should be given the benefit of it for calculation of deduction under Section 80HHC of the Act but the claim made by the assessee was not accepted by the Assessing Officer and the interest income was reduced while computing income from business and profession and the same was separately assessed under the head 'Income from Other Sources'. The income so determined under the head income from business and profession only was considered for the purpose of calculating deductions under Section 80HHC of the Act. 4. Aggrieved against the order of assessment, the assessee preferred an appeal before the Commissioner of Income-Tax (Appeals) (for short, "the CIT(A)"). Before the CIT (A) it was admitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in favour of the revenue. However, issue in the present case primarily was as to whether the income declared by the assessee under the head income from other sources could be claimed to be income from business and profession at the time of framing the assessment and for the purpose of computing the deduction under Section 80HHC of the Act. Since the issue has not at all been touched by the Tribunal, we deem it appropriate to remit the matter back to the Tribunal for considering the issue and pass fresh order after hearing counsel for the parties. 6. The parties are directed to appear before the Tribunal for further hearing on May 31,2007. 7. The appeal is disposed of in the manner indicated above. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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