https://www.taxtmi.com/caselaws?id=271603 The court ruled that Section 172 supersedes the obligation to deduct tax at source under Section 195, affecting the application of Section 40(a)(i). Interest income was classified as income from other sources, not business income. Demurrage charges were found deductible under Section 40(a)(i) due to Section 172's precedence. The exclusion of 90% of net interest income for computing profits under Section 80HHC was upheld, contingent on a direct nexus. Various incomes were classified as gross receipts for business purposes, with only 90% of net income excluded under Section 80HHC. The judgment aimed to harmonize the Income Tax Act's provisions effectively. en-us Fri, 05 Feb 2016 00:00:00 +0530 Tue, 03 May 2016 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271603 The court ruled that Section 172 supersedes the obligation to deduct tax at source under Section 195, affecting the application of Section 40(a)(i). Interest income was classified as income from other sources, not business income. Demurrage charges were found deductible under Section 40(a)(i) due to Section 172's precedence. The exclusion of 90% of net interest income for computing profits under Section 80HHC was upheld, contingent on a direct nexus. Various incomes were classified as gross receipts for business purposes, with only 90% of net income excluded under Section 80HHC. The judgment aimed to harmonize the Income Tax Act's provisions effectively. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271603