https://www.taxtmi.com/caselaws?id=185864 The High Court of Gujarat ruled in favor of the assessee in a tax appeal related to the interpretation of section 80HHC for the Assessment Year 2002-2003. The Court held that only the net interest should be considered for calculating business profits under clause (1) of Explanation (baa) to Section 80HHC, aligning with the precedent set by the Supreme Court. This decision favored the assessee and emphasized the importance of accurate computation of profits for businesses under relevant tax provisions, providing clarity for similar cases in the future. en-us Tue, 05 Jul 2016 00:00:00 +0530 Wed, 31 Aug 2016 11:16:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185864 The High Court of Gujarat ruled in favor of the assessee in a tax appeal related to the interpretation of section 80HHC for the Assessment Year 2002-2003. The Court held that only the net interest should be considered for calculating business profits under clause (1) of Explanation (baa) to Section 80HHC, aligning with the precedent set by the Supreme Court. This decision favored the assessee and emphasized the importance of accurate computation of profits for businesses under relevant tax provisions, providing clarity for similar cases in the future. Case-Laws Income Tax Tue, 05 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185864