June 2009

Section 263

Bombay H.C : the Tribunal was legally correct in placing reliance on the decision of Bombay High Court in the case of Alfa Laval India Ltd. vs. Dy. CIT (supra), which has held that ‘having accepted interest income as part of the business profits, the same could not be excluded from business profits, while calculating deduction under s. 80HHC of the IT Act’, which is not the question involved in the present case

High Court Of Bombay At Goa CIT vs. Damodar Mangalji Mining Co. Section 263 Asst. Year 1993-94 B.P. Dharmadhikari &

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