https://www.taxtmi.com/caselaws?id=119489 The Department's appeal regarding depreciation and exclusion of excise duty and sales tax was partly allowed. The Tribunal favored the Department on depreciation but ruled in favor of the assessee on excluding excise duty and sales tax. The assessee's cross-objections on deduction under section 80HHC were allowed for fresh consideration based on a High Court decision clarifying the definition of "profits of the business." The Tribunal directed the Assessing Officer to re-examine the issue of netting off interest and rental income, allowing netting off of interest income only with a nexus and restricting rental income netting to a 10% deduction for related expenses. en-us Fri, 27 Apr 2007 00:00:00 +0530 Wed, 11 Jul 2012 13:29:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119489 The Department's appeal regarding depreciation and exclusion of excise duty and sales tax was partly allowed. The Tribunal favored the Department on depreciation but ruled in favor of the assessee on excluding excise duty and sales tax. The assessee's cross-objections on deduction under section 80HHC were allowed for fresh consideration based on a High Court decision clarifying the definition of "profits of the business." The Tribunal directed the Assessing Officer to re-examine the issue of netting off interest and rental income, allowing netting off of interest income only with a nexus and restricting rental income netting to a 10% deduction for related expenses. Case-Laws Income Tax Fri, 27 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119489