https://www.taxtmi.com/caselaws?id=264388 The High Court clarified that Section 172 applies only to non-residents engaged in shipping business, not resident companies, directing the matter to a Larger Bench for clarification on the applicability of Section 40(a)(i). The Court examined the validity of excluding 90% of 'net' interest income for computing profits, emphasizing the need for a direct connection between interest income and business profits. The analysis focused on the proper classification of various interest income under 'Profits and gains of business or profession' for clarity in computation. Additionally, the Court evaluated the exclusion and inclusion of specific income sources under section 80HHC, emphasizing accurate computation and adherence to tax law provisions. en-us Tue, 08 Sep 2015 00:00:00 +0530 Wed, 04 May 2016 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264388 The High Court clarified that Section 172 applies only to non-residents engaged in shipping business, not resident companies, directing the matter to a Larger Bench for clarification on the applicability of Section 40(a)(i). The Court examined the validity of excluding 90% of 'net' interest income for computing profits, emphasizing the need for a direct connection between interest income and business profits. The analysis focused on the proper classification of various interest income under 'Profits and gains of business or profession' for clarity in computation. Additionally, the Court evaluated the exclusion and inclusion of specific income sources under section 80HHC, emphasizing accurate computation and adherence to tax law provisions. Case-Laws Income Tax Tue, 08 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264388