https://www.taxtmi.com/caselaws?id=9988 The court ruled in favor of the assessee, emphasizing that gross interest should be considered for calculating the deduction under section 80HHC of the Income-tax Act, rather than net interest. The court held that 90% of the gross interest received should be reduced from the profits of the business, as per the statutory provision in Explanation (baa) to subsection (4C) of the Act. The appeal by the Revenue was allowed, setting aside the Tribunal's order and affirming the calculation based on gross interest for the deduction. en-us Thu, 27 Jul 2006 00:00:00 +0530 Sat, 04 Jul 2009 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9988 The court ruled in favor of the assessee, emphasizing that gross interest should be considered for calculating the deduction under section 80HHC of the Income-tax Act, rather than net interest. The court held that 90% of the gross interest received should be reduced from the profits of the business, as per the statutory provision in Explanation (baa) to subsection (4C) of the Act. The appeal by the Revenue was allowed, setting aside the Tribunal's order and affirming the calculation based on gross interest for the deduction. Case-Laws Income Tax Thu, 27 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9988