9911796707
TMI Blog2020 (3) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... jesh Kumar Katoch, Senior Standing Counsel and Ms. Pridhi Jaswinder Sandhu, Junior Standing Counsel for the revenue ORDER Avneesh Jhingan, J. The assessee is in appeal under Section 260A of the Income Tax Act, 1961 (for short, 'the 1961 Act') against the order dated 25.7.2000 passed by the Income Tax Appellate Tribunal, Chandigarh Bench (for short, 'the Tribunal') partly allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case, the interest income of Rs. 21,97,071/- and lease income of Rs. 52,532/- having being put within the domain of income from other sources is legally sustainable as the said had been derived on advance and deposit made." The relevant facts are that the assessee filed income tax return for the year 1991-92 declaring income of 24,20,000/-. The assessee was trader and dealing in export of cycle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns will come in the domain of 'income from other sources'. However, it is argued that the assessee had paid interest on certain loans availed, hence there should be setting off/adjustment of interest received and paid, it is thereafter that net amount be considered for deduction under Section 80HHC of the Act. Reliance is placed on decision of the Supreme Court in M/s ACG Associated Capsul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss account. The interest paid by the assessee is directly linked with the business and would be dealt with while calculating the income from business or profession. The lease money and interest income is not income from the business, rather it is income from application of money which might have been earned from business or profession. In such circumstances, there would be no question of nettin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
