https://www.taxtmi.com/caselaws?id=253453 The Tribunal upheld the CIT(A)'s decision to reduce 90% of interest income by netting off interest expenses with a direct business connection under Section 80HHC. The disallowance of deduction claimed under Section 80HHC was overturned by the Tribunal, directing the AO to rework indirect expenses for export of trading goods. The Tribunal found in favor of the assessee regarding the validity of reopening the assessment, deeming it unjustified. Both the Revenue's appeal and the assessee's Cross Objection were dismissed. en-us Thu, 13 Nov 2014 00:00:00 +0530 Tue, 25 Nov 2014 06:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253453 The Tribunal upheld the CIT(A)'s decision to reduce 90% of interest income by netting off interest expenses with a direct business connection under Section 80HHC. The disallowance of deduction claimed under Section 80HHC was overturned by the Tribunal, directing the AO to rework indirect expenses for export of trading goods. The Tribunal found in favor of the assessee regarding the validity of reopening the assessment, deeming it unjustified. Both the Revenue's appeal and the assessee's Cross Objection were dismissed. Case-Laws Income Tax Thu, 13 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253453