https://www.taxtmi.com/caselaws?id=9534 The High Court of Madras ruled in favor of the Revenue in an appeal concerning the interpretation of section 80HHC of the Income-tax Act, 1961. The court held that 90% of interest deductible under section 80HHC should be from the gross interest received, without deducting any amount related to interest paid. The court emphasized that the legislative intent was to prevent the deduction of any expenditure from such receipts, thereby disallowing the deduction of interest paid by the assessee. The court concurred with the Revenue's argument, upholding the Tribunal's decision and ruling against the assessee. en-us Wed, 18 Jan 2006 00:00:00 +0530 Wed, 09 Feb 2011 09:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9534 The High Court of Madras ruled in favor of the Revenue in an appeal concerning the interpretation of section 80HHC of the Income-tax Act, 1961. The court held that 90% of interest deductible under section 80HHC should be from the gross interest received, without deducting any amount related to interest paid. The court emphasized that the legislative intent was to prevent the deduction of any expenditure from such receipts, thereby disallowing the deduction of interest paid by the assessee. The court concurred with the Revenue's argument, upholding the Tribunal's decision and ruling against the assessee. Case-Laws Income Tax Wed, 18 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9534