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TMI Blog2017 (9) TMI 1759X X X X Extracts X X X X X X X X Extracts X X X X ..... the corresponding interest expenditure incurred wholly and exclusively for generating such interest income should have been allowed u/s 57(iii) - interest income is not being considered as “income from business” and rather ‘income from other sources’ - Held that:- Issues covered by the decision of this Court in MOHAN FASHIONS VERSUS ACIT [2017 (5) TMI 1640 - RAJASTHAN HIGH COURT], M/S DHADDHA EXP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer Ward 2) decided [2017 (5) TMI 1641 - RAJASTHAN HIGH COURT] X X X X Extracts X X X X X X X X Extracts X X X X ..... vs. Micro Labs Ltd. [2016] 380 ITR 1, which reads as under:- "Whether section 80HHC and 80IB of the IT Act, 1961 are independent of each other and therefore deductions under both the sections on the gross total income is to be computed independently and not on the reduced balance after taking into account the other deduction." 4. Counsel for the appellant contended that the issue no. 1 & 2 are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax vs. Mandideep Eng. & PKG. India (P) Ltd. reported in (2007) 292 ITR 1 (SC) wherein it has been held as under:- "Section 80HH and 80-I are independent of each other and therefore a new industrial unit can claim deduction under both the sections on the gross total income independently." 5. However, counsel for the respondent has pointed out that the same matter is referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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