2016 (7) TMI 1216

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..... ioner of Income-tax, Circle-4 [2015 (4) TMI 804 - GUJARAT HIGH COURT] held 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 gain of business or profession” is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of business - Deci .....

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..... ribunal was right in law in directing to reduce only net amount of the receipts under clause (baa) of section 80HHC despite the fact that the said income are receipts constituting independent income having no nexus with exports? 3. Learned Counsel for the appellant Mr. K.M. Parikh has drawn the attention of this Court to the decision in the case of Milton Laminates Ltd. v. Assistant Commissio .....

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..... er the heads Profits and gain of business or profession is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of business. 4. Considering the ratio laid down in the above decision and in the facts of the present case, we are of the view that the issue raised in this Tax Appeal is to be answered in favour of the Assessee and against the Departme .....

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