2015 (4) TMI 804

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....RESPONDENT JUDGMENT M.R. Shah, J. - 1. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Appellate Tribunal (hereinafter referred to as the ITAT) dated 24.10.2008 passed in ITA No.2053/Ahd/2004 for the AY 1997-98, the assessee has preferred the present Tax Appeal. 2. While admitting the present Tax Appeal following substantial question....

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....ting the deduction u/s. 80HHC of the Act?              (iii) Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in not allowing the "Netting Off of interest income against interest expenditure?" 3. Heard Shri S.N. Soparkar, learned Senior Advocate for the assessee and Shri MR Bhat....

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....HHC for determining the profits of business. 5. Applying the law laid down by the Hon'ble Supreme Court in the case of ACG Associated Capsules (P.) Ltd (supra) the aforesaid questions are held in favour of the assessee and order passed by the ITAT in ITA No.2053/Ahd/2004 for AY 1997-98 is hereby quashed and set aside. Now, the AO to recompute the deduction under Section 80HHC of the Income-....