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TMI Blog2016 (1) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... o be excluded for the purpose of explanation (baa) to section 80HHC of the Act - Ninety per cent of not the gross rent or gross interest, but the net thereof shall have be excluded - the amounts are to be excluded for the purpose of deduction u/s 80HHC of the Act - when the profit is being excluded from the claim of deduction, not the gross profit but the net thereof, that is the gross profit minus the expenditure incurred for earning such profit should be excluded – the benefit of deduction u/s 80I of the Act on various incomes, such as, job work receipt, sale of empty soda ash bardan, sale of empty barrels and plastic waste is to be granted. - ITA No.981/Ahd/2011 - - - Dated:- 29-1-2016 - Pramod Kumar AM and Kul Bharat JM S.N. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. This is second round of proceedings. In the first round of proceedings, the matter travelled upto the Tribunal but it was sent back to the Assessing Officer with a direction to adjudicate on this issue de novo. It is in this backdrop that the Assessing Officer, vide his show cause notice dated 18th August 2009, required the assessee to show cause to why the whole interest income of ₹ 2,56,93,993 should not be excluded for the purposes of determining the deduction under section 80HHC of the Act . The Assessing Officer, after considering the submissions of the assessee, was of the view that the entire interest income is required to be treated as income of the nature which chargeable under the head ncome from other sources , and, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, and interest of ₹ 1,12,81,882 which is described as finance changes for a credit period of 90 days or more, and it is respect of these items that the claim of the assessee is restricted. The matter being squarely covered by Hon ble High Court s views so expressed, we uphold the grievance of the assessee and direct the Assessing Officer to grant resultant relief. As regards interest of ₹ 32,99,217 from corporate deposits, as is learned counsel s short contention, only the net amount is to be excluded. In support of this contention, he has relied upon the decision of Hon ble Supreme Court in the case of ACG Capsules Pvt Ltd Vs CIT vs CIT [(2012) 343 ITR 89 (Bom)]. Accordingly, on this aspect of the matter, we remit the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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