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TMI Blog2006 (12) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... P.P.S. JANARTHANA RAJA J. 1. This appeal is filed by the Revenue under section 260A of the Income-tax Act, 1961 in I.T.A. No. 803/Mds/98 passed by the Income-tax Appellate Tribunal, Chennai, "C" Bench. On February 3, 2004, this court admitted this appeal and formulated the following substantial question of law: "Whether, on the facts and in the circumstances of the case, the Income-tax Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d hence the claim of the assessee-firm for deduction under section 80HHC of the Act, was rejected. Later the total income as per the assessment under section 143(1)(a) of the Act was determined at Rs, 10,89,460. Subsequently, the matter was taken up for scrutiny with the prior approval of the Deputy Commissioner. Notice under section 143(2) of the Act was issued to the assessee and the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be treated under the head "Business" and on this basis, the assessee is entitled to the benefit under section 80HHC of the Act. 3. Learned standing counsel appearing for the Revenue submitted that, since the assessee did not produce any details regarding the nature of "sundry credit balances written back", the Assessing Officer is right in treating the said amount as income under the head ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company to the profit and loss account of the company, the same is taxable as income of the assessee. There is no dispute regarding the taxability of the receipt. The only dispute is, how the said amount should be assessed-whether the said amount should be assessed under the head "Income from business" or under the head "Income from other sources". There were credits appearing in the books on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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