M/S Paliwal Exports, Paliwal Nagar, Panipat v. Acit, Central Circle, Karnal

Income-tax Appeal No.611 of 2010 **** IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH 1.Income-tax Appeal No.611of 2010 Date of decision: 10.12.2010 M/s Paliwal Exports, Paliwal Nagar, Panipat ...Appellant Versus ACIT, Central Circle, Karnal ...Respondent2.Income-tax Appeal No.612of 2010 M/s Paliwal Exports, Paliwal Nagar, Panipat ...Appellant Versus ACIT, Central Circle, Karnal ...Respondent CORAM: HON'BLE MR.JUSTICE ADARSH KUMAR GOEL HON'BLE MR.JUSTICE AJAY KUMAR MITTAL Present: Mr. R.P.Sawhney, Senior Advocate with Ms. Amandeep Sibia, Advocate for the appellant. **** ADARSH KUMAR GOEL, J ( Oral). This order will dispose of ITA Nos.611 and 612 of 2010. Income Tax Appeal No.611 of 2010 has been preferredunder Section 260-A of Income Tax Act, 1961 by the assesseeagainst order dated 13.4.2007 of the Income Tax Appellate Tribunal,Delhi Bench(G), Delhi passed in ITA No.2677/DE/2006 in respect of assessment year 2000-01, proposing to raise following substantialquestions of law:- “1.Whether on the facts and circumstances of thecase, the interpretation of Section 80HHC withregard to deduction of 90% of the net interest fromthe income from business is legally sustainable?case, the interpretation of Section 80HHC withregard to deduction of 90% of the net interest fromthe income from business is legally sustainable? 2.Whether in the facts and circumstances of the case,the Tribunal was legally justified in taking intoaccount 90% of the gross income of interest for thepurpose of deduction under Section 80HHC fordetermining the export profit?the Tribunal was legally justified in taking intoaccount 90% of the gross income of interest for thepurpose of deduction under Section 80HHC fordetermining the export profit? We have heard learned counsel for the appellant. Learned counsel for the appellant does not dispute thatthe matter is covered against the assessee by an earlier order of thisCourt in ITA No.405 of 2010 (M/s Paliwal Exports Vs. ACIT, CentralCircle, Karnal) decided on 27.8.2010. Accordingly, both these appeals are dismissed. (Adarsh Kumar Goel) Judge December 10,2010Pka (Ajay Kumar Mittal) Judge