1992 (8) TMI 33

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....ATA MANOHAR J. -The first petitioner is engaged in the business of export of various commodities from India. In addition, the first petitioner also deals in silver. The petitioners also earn income by way of interest on advances made by them to other parties. For the assessment year 1989-90, the petitioners claimed deduction under section 80HHC and calculated the same in accordance with section 80....

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....dealing in silver and interest received on account of advances made by them. In respect of this assessment, the appeal of the petitioners is still pending before the Tribunal. The petitioners have prayed that pending the disposal of this appeal, the demand raised by the respondent for the assessment year 1989-90 be kept in abeyance. Under the interim order which was passed in this petition on July....

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....After taking into account this deduction, the income returned is Rs. 4,38,480. The respondents, however, have recalculated the deduction claimed by the petitioners under section 80HHC and have, as a result, " adjusted " the total income to Rs. 51,54,470 and have accordingly claimed by way of tax Rs. 12,07,812 after adjusting the amount already paid. An additional tax under section 143(1A) has also....