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1 - 10 of 17 (0.24 seconds)Section 234B in The Income Tax Act, 1961 [Entire Act]
Section 115JA in The Income Tax Act, 1961 [Entire Act]
The Finance Act, 2018
Section 234C in The Income Tax Act, 1961 [Entire Act]
Section 115JAA in The Income Tax Act, 1961 [Entire Act]
Acg Associated Capsules P.Ltd vs C.I.T Central-Iv Mumbai on 8 February, 2012
From the aforesaid decision of the Hon'ble Supreme Court it is clear
that 90% of the net interest and not the gross interest which has
been included in the properties of the business of the assessee as
computed under the head profits and gains of business or
profession is to be deducted under clause (i) of Explanation (baa) to
section 80HHC for determining the profits of business. It is evident
from para 2.3 of the CIT (A)'s which has been extracted herein
above, the CIT (A) has directed the AO to find out whether there is
nexus on the interest receipts and the interest payment and if there
is a nexus, then interest receipt should be set off against interest
payment before excluding 90% thereof in terms of clause (baa) of
Explanation to 80HHC of the Act. In our view, the direction of the
CIT (A) is in accordance with law and therefore needs no inference.
While giving effect to the direction of the CIT (A), the AO shall also
keep in mind the principles of law laid down by the Hon'ble
Supreme Court in the case of ACG Associated Capsules Pvt.
Limited (supra).
The Advocates Act, 1961
Commissioner Of Income Tax vs V. Chinnapandi on 18 January, 2006
i) CIT Vs. V. Chinnapandi (2006) 282 ITR 389 (Mad)