2014 (7) TMI 1086

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ates for the Respondent. ORDER P. C. This is an appeal under Section 260-A of the Income Tax Act against the order of the Tribunal dated 29/02/2012 in ITA No.160/PNJ/2011 and ITA No.161/PNJ/2011 pertaining to the assessment year 2004-05 and 2006-07. The appellant seeks to raise the following questions of law:- A. Whether on the facts and circumstances of the case the Tribunal is correct in h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t while computing 'Business Profits' the profits and gains of business as computed the head be reduced by 90% of gross hire charges and not on net hire charges. D. Whether the Tribunal is correct in law in holding that one time amount made to the forest Department towards Net Present Value (NPV) and afforestation compensation is not a capital expenditure but revenue expenditure? E. Witho....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 0089. The Supreme Court held that ninety percent of not the gross interest but only the net interest is liable to be included in the profits of the business of the assessee as computed under the heads "Profits and gains of business or profession" while making the computation under Section 80HHC. 3. The issue raised in para 5(C) therefore is not a substantial question of law. 4. In view of the f....