Section 80-IA(9) Restricts Double Deduction Without Reducing Gross Total Income: Madras HC

Advertisement J. Creations Vs ACIT (Madras High Court) The Madras High Court heard an appeal arising from Assessment Year 2004-05 concerning the computation of deductions under Sections 80-IB and 80-HHC of the Income Tax Act, 1961. The assessee had filed its return declaring total income of Rs. 59,96,390. During scrutiny assessment, the Assessing Officer treated interest of Rs. 1,23,569 earned on bank deposits as “Income from other sources” and denied deduction under Section 80-HHC on such income. The assessee succeeded before the Commissioner of Income Tax (Appeals), who held t...