2015 (9) TMI 665

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....007, the appeal was admitted on the following substantial questions of law: (I) Whether in the facts and in the circumstances of the case, the ITAT has erred while referring the issue to the file of A.O., to exclude 90 % of 'net' interest income excess of interest received or paid provided there is direct nexus between interest earned and paid after establishing the fact that all the interest income except the interest on income tax is forming part of the profits of the business and not income from other sources? (II) Whether the findings of the ITAT while restoring the issue of interest income to the file of the A.O. to exclude 90 % of 'net' interest income is valid in law? (III) Whether in the fa....

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....the purpose of computing profits of the business under clause (baa) of Explanation to section 80HHC, is right in law? (VIII) Whether the findings of the ITAT that, only 90 % of the 'net' income from the 'lease hire charges' received by the Assessee apart from depreciation has to be excluded for the purpose of computing profits of the business under clause (baa) of Explanation to Section 80HHC, is right in law? 3. Ms. Desai, learned Counsel appearing for revenue very fairly states that so far as Question Nos. I, II, V, VII and VIII are concerned, the issue raised therein, are covered by the decision of the Apex Court in ACG Associated Capsules Pvt. Ltd. Vs. CIT 343 ITR 89 against the revenue. In the above view, Qu....