2013 (1) TMI 139

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....ENIOR ADVOCATE) SRI. ANIL D. NAIR.   RESPONDENT: BY SENIOR COUNSEL FOR GOVERNMENT OF INDIA (TAXES) SRI. P.K.R. MENON STANDING COUNSEL FOR I.T. SRI. JOSE JOSEPH.   JUDGMENT   K.Vinod Chandran, J: The assessee is in appeal, challenging the orders of the Tribunal for the assessment years 1990-91 and 1992-93. In both the years, the assessee had claimed deduction of intere....

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.... i) Whether on the facts and circumstances of the case was the Income tax tribunal justified in confirming the exclusion of interest income referred above for computation of eligible relief under Section 80HHC of the Income Tax Act? ii) Whether on the facts and circumstances of the case was the Income tax Tribunal justified in confirming the exclusion of rent referred above in the computatio....

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.... for deduction under Section 80HHC. The Tribunal rightly found that the said case was one in which the godown rent paid by the assessee therein for storage of goods pending despatch by a clearing and forwarding agent handling exports and imports of Government Bodies is business income; and it was not a case in which computation of relief under Section 80HHC, meaning export profit, arose. Section 8....