M/s Nahar Industrial Enterprise v. Dy. Commissioner of Income Tax
[Citation -2015-LL-1029-5]
Citation | 2015-LL-1029-5 |
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Appellant Name | M/s Nahar Industrial Enterprise |
Respondent Name | Dy. Commissioner of Income Tax |
Court | HIGH COURT OF DELHI AT NEW DELHI |
Relevant Act | Income-tax |
Date of Order | 29/10/2015 |
Assessment Year | 1995-96 |
Judgment | View Judgment |
Keyword Tags | interest income • interest paid |
Bot Summary: | This Appeal by the assessee under Section 260(A) of the Income Tax Act, 1961 is directed against the order dated 18th October, 2002 passed by the Income Tax Appellate Tribunal in ITA No. 5978/Del/1997 for the assessment year 1995-96. 1A. By the order dated 14th October, 2003 following questions of law were framed for adjudication:- i. Whether the Tribunal was correct in law in holding that the ITA No. 166/2003 Page 1 of 2 interest income, earned by the assessee on short term investments made by it, was not entitled to deduction under Section 80HH 80I of the Income-tax Act, 1961 ii. Whether the Tribunal was right in law in holding that the interest paid by the assessee could not be set off against the interest earned for the purpose of deduction under Section 80HH of the Act iii. Whether the Tribunal was correct in law in holding that the amount of interest credited to the Profit Loss Account could not be set off/deducted against the interest debited to the Profit Loss Account against such interest income in the computation of the income under the head other sources 2. All the above questions stand answered in favour of the Revenue and against the Assessee by the decision in Commissioner of Income Tax v. Delhi Brass and Metal Works Ltd. 2009 313 ITR 352. Accordingly, the said questions are answered in favour of the Revenue and against the assessee. |