2008 (7) TMI 32

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... HON'BLE MR JUSTICE RAJIV SHAKDHER BADAR DURREZ AHMED, J (ORAL) 1. Admit. 2. The following substantial question of law is framed :- "Whether the Income Tax Appellate Tribunal was correct in law holding that the interest amount of Rs.41,22,165/-earned by the assessee on FDRs was a business income and would qualify for relief under Section 80HHC of the Income Tax Act, 1961?" 3. This q....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s outside the ring of profit and gains from business and profession.  It goes entirely out of the reckoning for the purposes of Section 80HHC. To give effect to this position, the Assessing Officer while computing profits of the export business will have to remove from the debit side of the profit and loss account the corresponding interest expenditure that has been "laid out" to earn such in....