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TMI Blog2016 (8) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee for deduction u/s. 80HHC of the Act will be available to the tune of ₹ 96,29,135/-. Therefore, the Appeal is allowed to the aforesaid extent. - TAX APPEAL NO. 55 of 2008 - - - Dated:- 9-8-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR KM PARIKH, ADVOCATE FOR THE OPPONENT : MR MIHIR THAKORE, Ld. SENIOR COUNSEL with MR HS MUNSHAW, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1) By way of this Appeal, the Appellant Department has challenged the order dated 30.04.2007 of the Income Tax Appellate Tribunal, Ahmedabad Bench 'D' in ITA No.1840/Ahd./2004 for the Assessment Year : 2001-2002 whereby the Tribunal gave findings in favour of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HHC of the Act by reducing the interest income 90% instead of reducing the entire' and the Tribunal in Paragraphs 3, 4 and 5 of its order has held in favour of the assessee, contrary to the law which was declared by this Court. The same is reproduced as under :- 3. The Ld. DR has supported the order of the CIT (Appeals), whereas the Ld. Counsel for the assessee has submitted that so far as issue involved in ground No.1 is concerned, the same is covered in favour of Assessee and against the Revenue by the latest decision of Hon'ble High Court of Delhi in the case of CIT v/s. Shri Ram Honda (289 ITR 475) [Delhi]. 4. The CIT(Appeals) has decided the issue by observing as under :- 5.5. I have carefully gone through the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered the decision of this Court in the case of Commissioner of Income-Tax v. Gaskets and Radiators Distributors (supra), wherein this Court has taken a view that the interest income from other sources other than FDR may not be included u/s. 80HHC of the Act. In that view of the matter, the contention of the appellant herein is required to be accepted. The amount of ₹ 59,42,786/= is required to be deducted and the calculation made by the assessee for deduction u/s. 80HHC of the Act will be available to the tune of ₹ 96,29,135/-. Therefore, the Appeal is allowed to the aforesaid extent. 7) Qua the another issue raised in this Appeal, we have already decided the Appeal in favour of the assessee. However, in view of the dec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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