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

....URREZ 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 question need not detain us for very long, in as much ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d 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 income from other sources. Otherwise this will depress th....