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TMI Blog2002 (9) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... he payments? Interest paid and claimed as deduction in the computation of profits and gains for business, cannot be set off against interest received and computed under income from "other sources". What has been said about interest is equally applicable to rent and commission included in the computation under the head "Profits and gains of business or profession". The question is answered against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question does not arise from the order of the Tribunal. There is no discussion of that aspect either in the assessment order or in the order of the Commissioner. The claim of the assessee was confined to the amount deductible towards interest. The second question is, therefore, returned un-answered. So far as the first question is concerned, the Explanation to section 80HHC in clause (baa) defi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... derable confusion. The Assessing Officer, according to counsel for the Revenue, has not deducted the amount of interest assessed under the head "Income from other sources". The appellate order proceeds on the basis that there has in fact been such deduction and that such deduction could be made from the profits even though the interest received is not assessed under the head 'Profits and gains of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reduced to the extent of 90 per cent., if those items are included in sub-clause (1) of that definition. Interest paid and claimed as deduction in the computation of profits and gains for business, cannot be set off against interest received and computed under income from "other sources". What has been said about interest is equally applicable to rent and commission included in the computation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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