https://www.taxtmi.com/caselaws?id=243443 The High Court upheld the decision of the Income Appellate Tribunal (ITAT) regarding the interpretation of Explanation (baa) under Section 80HHC(4B) of the Income Tax Act, 1961. The Court ruled that only 90% of net interest, after allowing a set off of interest paid, can be reduced from profits of business, not 90% of gross receipts. Following the legal precedent established by the Supreme Court in ACG Associated Capsules case, the High Court dismissed the Revenue's appeal and no costs were awarded in the matter. en-us Sat, 30 Nov 2013 00:00:00 +0530 Sat, 01 Feb 2014 11:13:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243443 The High Court upheld the decision of the Income Appellate Tribunal (ITAT) regarding the interpretation of Explanation (baa) under Section 80HHC(4B) of the Income Tax Act, 1961. The Court ruled that only 90% of net interest, after allowing a set off of interest paid, can be reduced from profits of business, not 90% of gross receipts. Following the legal precedent established by the Supreme Court in ACG Associated Capsules case, the High Court dismissed the Revenue's appeal and no costs were awarded in the matter. Case-Laws Income Tax Sat, 30 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243443