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

....ak and Shri Jeetendra Supekar, Advocates 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 circumstance....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(baa) to section 80HHC also makes it clear that 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 capita....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Commissioner of Income-tax reported in (2012) 343 ITR 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....