https://www.taxtmi.com/caselaws?id=234079 The High Court clarified the computation of deduction under Section 80HHC for the assessment years 2003-04 and 2004-05, emphasizing the inclusion of miscellaneous income and interest income in the deduction calculation. The Court held that these incomes are part of the profits of the business. Additionally, the Court ruled that 100% deduction should be allowed under Section 115JB, contrary to the Assessing Officer's decision to limit it to 30%, based on the Supreme Court decision in Ajanta Pharma v. CIT. The Court dismissed the appeals, affirming the correctness of the Assessing Officer's treatment of the incomes. en-us Fri, 10 May 2013 00:00:00 +0530 Fri, 31 Jan 2014 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234079 The High Court clarified the computation of deduction under Section 80HHC for the assessment years 2003-04 and 2004-05, emphasizing the inclusion of miscellaneous income and interest income in the deduction calculation. The Court held that these incomes are part of the profits of the business. Additionally, the Court ruled that 100% deduction should be allowed under Section 115JB, contrary to the Assessing Officer's decision to limit it to 30%, based on the Supreme Court decision in Ajanta Pharma v. CIT. The Court dismissed the appeals, affirming the correctness of the Assessing Officer's treatment of the incomes. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234079