Commissioner Of Income Tax v. M/S J.b. Exports Ltd.through:none

$~R76 *IN THE HIGH COURT OF DELHI AT NEW DELHI +ITA 383/2005 COMMISSIONER OF INCOME TAX..... AppellantThrough:Mr. Asheesh Jain, Senior StandingCounsel for Revenue with Mr.Vikrant A. Maheshwari, Advocate. versus M/S J.B. EXPORTS LTD.Through:None. ..... Respondent % CORAM:JUSTICE S.MURALIDHARJUSTICE PRATHIBA M. SINGHO R D E R20.07.2017 1. This appeal by the Revenue is directed against the order dated 6[th]October,2004 passed by the Income Tax Appellate Tribunal (‘ITAT’) in ITA No.6214/Del/1997 for the Assessment Year (‘AY’) 1995-96. 2. While admitting the appeal on 13[th]September, 2005, the following twoquestions of law were framed for determination: a)Whether the ITAT was correct in law inallowing deduction under Section 80 HHC to theassessee on the amount of interest from FDRswithout applying the provisions of Explanation(baa) to Section 80 HHC of the Act? b)Whether the ITAT was correct in law inholding that the assessee is entitled to reduceinterest paid by it from the interest received by itwhile calculating deduction under section 80 HHCread with Explanation (baa) of the Income TaxAct? 3. Both questions stand answered in favour of the Assessee and against theRevenue by the decision of this Court in Commissioner of Income Tax v.Shri Ram Honda Power Equip (2007) 289 ITR 475 (Del). Accordingly,both questions are answered in the affirmative i.e. in favour of the Assesseeand against the Revenue. 4. The appeal is dismissed. S.MURALIDHAR, J JULY 20, 2017/j PRATHIBA M. SINGH, J