2007 (3) TMI 147

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....e Tax Appellate Tribunal dated 26.6.2003 made in ITA No.387/Mds/1996 for the assessment year 1993-94, raising the following substantial question of law: "Whether in the facts and circumstances of the case, the Tribunal was right in holding that interest arising out of the Bank Deposit is to be included under the head 'profit and gains' of the business for the purpose of computing deduction unde....

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....our of the assessee.  Hence the present appeal raising the question of law referred to above. 4. Heard Mrs.Pushya Sitaraman, learned Senior Standing Counsel for the Revenue and Mr.T.N.Seetharaman, learned counsel for the respondent/assessee. 5. The learned Standing counsel for the Revenue submitted that the issue involved in this appeal is answered in favour of the Revenue by the decisi....

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....mission, interest, rent charges or any other receipt of a similar nature included in such profits, the same has to be reduced by 90 per cent from the profits computed as aforesaid. The deductions to be made are from the amount of profits so computed and not from the amount computed under any other head of income of that assessee. No reference to net interest is mentioned in clause (baa) of the Exp....