2014 (4) TMI 851

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....oriya, Advocate. ORDER Heard. The appellant has filed this appeal against the order dt.17.6.2011 passed by the Income Tax Appellate Tribunal (ITAT). The appellant filed its original return of income tax on 29.11.1996 for the financial year 1996-97. It claimed deduction under Section 80 HHC of Income Tax Act 1961. The Assessing Officer disallowed the claim of amount of Rs.11,82,665/- be....

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....Appellate Tribunal dismissed the appeal filed by the assessee and allowed the appeal filed by the revenue after holding that once the income is assessed as income from other sources, the profits of the business tobe calculated for the purpose of deduction under Section 80HHC (3) will automatically get reduced by the amount of the interest and the benefit of Section 80 HHC was applicable only in th....

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....deposits made with the Electricity Board for the supply of electricity for running the industrial undertaking could not be said to flow directly from the industrial undertaking itself and was not profits or gains derived by the undertaking for the purpose of the special deduction under section 80HH. CIT vs. Raja Bahadur Kamakhya Narayan Sing [1948] 16 ITR 325 (PC) and Mrs. Bacha F. Guzdar vs. C....