Supreme Court of India
M/s Acg Associated Capsules Pvt. Ltd. v. The Commissioner of Income Tax, Central-iv, Mumbai
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3 Supreme Court benches have cited this judgment.
What the Court ordered
In the result, we allow the appeal and set aside the C impugned order of the High Court and remand the matter to the Assessing Officer to work out the deductions from rent and interest in accordance with this judgment.
Judgment, page 14
From the headnote
c Income Tax Act, 1961: s.BOHHC, Explanation (baa) - Deduction under - Held: Ninety per cent of the net interest, which has been included in the profits of the business of the assessee as computed under the head 'Profits and Gains of Business or Profession' is to be deducted under clause (1) of Explanation (baa) to s. BOHHC for determining the profits of the business. ! The question which arose for consideration in the instant appeals was whether while determining the profits of the business as defined in Explanation (baa) to Section 80HHC of the Income Tax Act, 1961, ninety per cent of only
Authorities it was built on
Where later benches applied it
- 2023 M/s. Saraf Exports v. Commissioner of Income Tax, Jaipur-iii
- 2015 Assti. Commr. of L.T. Bangalore v. M/s. Micro Labs Ltd.
- 2012 Vikas Kalra v. The Commissioner of Income Tax-viii, New Delhi
Of those, 3 referred to
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