The Commissioner Of Income Tax-17 v. M/S.jatin & Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.1094 OF 2008 The Commissioner of Income Tax-17. Vs. ...Appellant. M/s.Jatin & Co....Respondent. .... Mr. Vimal Gupta with Mr.Suresh Kumar for the Appellant.Mr.Atul K.Jasani for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. March 19, 2010. P.C. : The appeal by the Revenue was admitted by an order dated 2[nd ] September 2008, on the following question of law: “Whether on the facts and in the circumstances of the case and in law, the Hon’ble Tribunal is correct in holding that only net interest i.e. gross interest received minus interest paid should be taken into account in computation of deduction under section 80HHC?” Counsel appearing on behalf of the Revenue and Counsel appearing on behalf of the Assessee agreed that the question would be covered in favour of the Revenue and against the Assessee by the judgment of this Court delivered today in CIT vs. Asian Star Co. Ltd. (Income Tax Appeal No.200 of 2009). The question is accordingly answered in favour of the Revenue and against the assessee for the reasons stated in the judgment. The appeal is allowed. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)