https://www.taxtmi.com/caselaws?id=120967 The Tribunal directed the Assessing Officer to reassess the deduction of interest expenditure from the interest income earned by the assessee and recalculate the deduction under section 80HHC based on revised export profits. It was emphasized that interest expenditure must be linked to obtaining bank deposits generating interest income. The matter was remanded to the Assessing Officer for action in accordance with the High Court's ruling in the Shri Ram Honda Power Equipment case. The appeal of the revenue and cross-objection of the assessee were allowed for statistical purposes, with specific directions for reassessment provided. en-us Fri, 21 Sep 2007 00:00:00 +0530 Wed, 25 Jul 2012 16:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120967 The Tribunal directed the Assessing Officer to reassess the deduction of interest expenditure from the interest income earned by the assessee and recalculate the deduction under section 80HHC based on revised export profits. It was emphasized that interest expenditure must be linked to obtaining bank deposits generating interest income. The matter was remanded to the Assessing Officer for action in accordance with the High Court's ruling in the Shri Ram Honda Power Equipment case. The appeal of the revenue and cross-objection of the assessee were allowed for statistical purposes, with specific directions for reassessment provided. Case-Laws Income Tax Fri, 21 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120967