2001 (7) TMI 1292

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndal For the Respondent : A. K. Mittal JUDGMENT Jawahar Lal Gupta, J. The Revenue has filed this appeal against the order of the Tribunal relating to the asst. yr. 1990-91. 2. The assessee is a partnership concern. It is engaged in the manufacture and export of goods. The assessee claimed benefit under s. 80HHC of the IT Act, 1961, in respect of its income from business which also i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessee on account of interest and rent cannot be treated as a part of the income from business. Resultantly, the Tribunal has erred in dismissing the appeal. The claim made on behalf of the Revenue has been controverted by Mr. Ajay Mittal, learned counsel for the assessee. 4. A perusal of the order passed by the Tribunal shows that the assessee had earned interest on the deposit it made w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....et under the head''Factory land and building'. In this view of the matter, the Tribunal has concluded that the entire income of the assessee was relatable to the business. Reliance has been placed by the Tribunal on the decision of their Lordships of the Supreme Court in CIT vs. Chugandas & Co. (1965) 55 ITR 17(SC) : TC 44R.1224 wherein it was inter alia observed that : "busin....