Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated, the facts giving rise to this appeal are that the assessee filed a return declaring an income of Rs.53,46,390 for AY 2003-04 which was processed u/s 143(1) of the Act. Subsequently, the case was selected for scrutiny and accordingly a notice u/s 143(2) of the Act was issued and duly served on the assessee. The Assessing Officer noted that the appellant had received interest of Rs.23,45,708 on fixed deposits and he excluded 90% of such interest income from profit eligible for deduction as per clause (baa) of the Explanation to section 80HHC of the Act which resulted in part disallowance of the claim of deduction u/s 80HHC of the Act. The Assessing Officer concluded the assessment, assessing taxable income at Rs.60,61,360. Aggrieved, the assessee filed an appeal before Commissioner of Income Tax(A)-XXIV, New Delhi which was dismissed through order dated 21.08.2006.
Citation :
Asstt.Commissioner of Income Tax, Circle 27(1), D-Block, Vikas Bhawan, New Delhi. (Appellant) Vs Indo Monex, A-31, Naraina Industrial Area, Phase - II, New Delhi.(PAN: AAAFI2746K) (Respondent)
You have reached your daily limit of 2 Free Judgements
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited Judgements Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
Already a PRO member? Login here for an ad-free experience. 07941056694
Comments
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
