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1 - 10 of 19 (0.22 seconds)Section 69C in The Income Tax Act, 1961 [Entire Act]
Section 234B in The Income Tax Act, 1961 [Entire Act]
Rani Paliwal vs Commissioner Of Income Tax on 7 October, 2003
"7. The request of the assessee regarding exclusion of 10 per cent out of interest income and other income was considered by the Tribunal in the assessee's own case for assessment year 1994-95 in ITA No. 1050/Chandi/ 1996 and it has been held that after amendment in section 80HHC, the interest income to be reduced from the profits and gains of the business is to the extent of 90 per cent of the receipts. In other words, 10 per cent of the interest is not to be excluded from the profits determined by the assessee. It may be pertinent to mention that the issue relating to setting off of interest paid with the interest earned by the assessee has not been accepted by the Tribunal in assessment year 1994-95 by following the decisionof the jurisdictional High Courtin the case of Rani Paliwal v. CIT 185 CTR 333. We, therefore, find no justification to interfere."